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EUR/USD Technical Evaluation: Euro Double High within the Works?

EUR/USD TECHNICAL ANALYSIS: BEARISH

Euro restoration places costs again at October swing excessiveCautious indicators of ebbing momentum trace at double highActionable brief commerce setup affirmation nonetheless pending

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The Euro has recovered to commerce close to its month-to-month peaks towards the US Greenback as soon as once more having discovered help within the 1.1069-76 inflection area. The looks of a Doji candlestick forward of resistance within the 1.1183-89 space – marked by the October 18 excessive and the 38.2% Fibonacci growth – speaks to indecision, suggesting the pair might not muster the wherewithal for a breakout.

A flip decrease that places costs again beneath 1.1069 on a day by day closing foundation would violate the bounds of the near-term uptrend and set the stage for resumption of the long-term downtrend. The 1.10 determine traces up as subsequent draw back inflection level thereafter.Alternatively, a break increased exposes the following topside barrier at 1.1225, the 50% Fib degree.

Euro vs US Dollar price chart - daily

Day by day EURUSD chart created in TradingView

Zooming in to the four-hour chart reveals early indicators of adverse RSI divergence. Whereas this would possibly imply little past near-term consolidation earlier than one other foray upward, it would likewise mark the start of a extra substantive lack of bullish momentum. In flip, this would possibly develop right into a reversal. Pushing beneath resistance-turned-support within the 1.1063-71 zone looks as if a prerequisite for follow-through.

EUR/USD Technical Analysis: Euro Double Top in the Works?

Four-hour EURUSD chart created in TradingView

EUR/USD TRADING RESOURCES

— Written by Ilya Spivak, Foreign money Strategist for DailyFX.com

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


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