EUR/USD TECHNICAL STRATEGY: BEARISH
Euro drops after displaying bearish candlestick sample at resistance
5-day dropping streak brings costs to problem key help stage
Merchants could search improved danger/reward earlier than getting into new shorts
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The Euro declined in opposition to the US Greenback as anticipated after placing in a bearish Darkish Cloud Cowl candlestick sample on a check of 13-month downtrend resistance. Actually, the one forex has now suffered 5 consecutive days of losses, the longest such run since October.
This places the forex pair at pivotal help guiding the uneven rise since mid-November, now at 1.1308. A day by day shut beneath this barrier units the stage for a check of the November 12 low at 1.1216. Development line resistance is now within the 1.1395-1.1479 space, adopted by an inflection vary within the 1.1543-54 zone.
As of now, costs’ proximity to rapid help would possibly make establishing new brief positions unattractive from a danger/reward perspective. Merchants could view ready on the sidelines for affirmation of a break or a corrective bounce that alters this calculus as most prudent.
EUR/USD TRADING RESOURCES
— Written by Ilya Spivak, Forex Strategist for DailyFX.com
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