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EUR/USD Technical Evaluation: Euro Break Has Downtrend Again in Play

EUR/USD TECHNICAL ANALYSIS: BEARISH

Euro breaks October help line, signaling finish of corrective upswingDowntrend resumption may set the stage to probe beneath 1.07 determineThreat/reward skew hints a bounce could precede bearish follow-through

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The Euro turned decrease in opposition to the US Greenback as anticipated, carving out what seems to be to be a double prime at resistance just under the 1.12 determine. The pair conspicuously broke help guiding the restoration since early October, suggesting the near-term bias has switched to a bearish setting.

Sellers now face help within the 1.1063-71 space. A break beneath this barrier confirmed on a closing foundation sees the subsequent draw back threshold within the 1.0989-1.10 zone. Resistance is within the 1.1130-40 area, marked by the underside of the damaged pattern line and short-term help shelf. The 1.1176-83 space beckons thereafter.

Euro vs US Dollar price chart - 4 hour

Four-hour EURUSD chart created in TradingView

Zooming out to the day by day chart to evaluate broader positioning, it seems as if October’s corrective upswing has given option to resumption of the longer-term downtrend. A leg decrease consistent with the pattern common since mid-2018 would suggest a transfer to check beneath the 1.07 determine on the horizon.

Euro vs US Dollar price chart - daily

Each day EURUSD chart created in TradingView

Merchants could discover getting into quick unattractive on danger/reward grounds as costs relaxation squarely at help nonetheless. Which may diminish scope for near-term follow-through, permitting area for a bounce earlier than any broader selloff gathers steam. Sellers could discover a tactically enticing entry level therein.

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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