EUR/USD Technical Technique: SHORT AT 1.1648
Euro breaks month-to-month chart assist, paving the way in which for deeper losses
Close to-term assist just under 1.13, break to clear a path under 1.12
Improved threat/reward setup sought so as to add to EUR/USD brief commerce
See our Euro forecast to study what is probably going drive costs within the fourth quarter!
The Euro completed October with a break by way of vary high resistance-turned-support bedeviling sellers for 5 months. In all, the barrier has been a pivotal long-term inflection level since Might 2015. Its break portends downtrend acceleration towards the US Greenback.
Turning to extra fast technical positioning, the every day chart reveals costs sitting squarely atop assist within the 1.1268-96 space. A push under this barrier confirmed on a every day closing foundation opens the door for a problem of the 1.1110-19 zone.
Preliminary resistance is at 1.1432, marked by the October 9 low. That is bolstered by a falling pattern line defining the down transfer began from the late September excessive, now at 1.1473. A rebound that takes costs again above the latter threshold paves the way in which for a retest of the 1.1543-54 inflection area.
The brief EUR/USD commerce activated at 1.1708 and subsequently scaled up at 1.1468 continues to be in play. Costs’ perch at near-term assist argues including to publicity additional on threat/reward grounds. Alternatives to take action can be evaluated on both a breakdown or a rebound towards every day chart resistance.
EUR/USD TRADING RESOURCES
— Written by Ilya Spivak, Forex Strategist for DailyFX.com
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