Technical Analysis

EUR/USD Technical Evaluation: Vital Lengthy-Time period Assist Damaged

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.

EUR/USD Technical Analysis: Critical Long-Term Support Broken

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.

EUR/USD Technical Analysis: Critical Long-Term Support Broken

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

To contact Ilya, use the feedback part under or @IlyaSpivakon Twitter


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