Technical Analysis

EUR/USD Technical Evaluation: Three-Month Help Underneath Stress

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

Construct confidence in your Euro buying and selling technique with our free information!

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.

Euro vs US Dollar price chart - daily

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

To contact Ilya, use the feedback part beneath or @IlyaSpivak on Twitter


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