EUR/USD Technical Evaluation
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EUR/USD – Hesitant Sellers
On Friday, EUR/USD tumbled to 1.0981- its lowest stage in over seven weeks. Nevertheless, the worth rallied after, then settled above 1.1000 deal with. The weekly candlestick closed with a Doji sample highlighting market’s indecision at this stage.
Final week, the Relative Power Index (RSI) remained flat beneath 50, highlighting a paused bearish momentum.
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EUR/USD Day by day PRice CHART (Mar 31, 2017 – DEC 2, 2019) Zoomed Out
EUR/USD Day by day Value CHART (Aug 1 – DEC 2, 2019) Zoomed in
Wanting on the each day chart, we discover on Nov 22 the pair declined to a decrease buying and selling zone 1.0912- 1.1050, then closed beneath the 50-day common. On the next day, EUR/USD broke beneath the uptrend line originated kind the Oct 1 low at 1.0879, producing a further bearish sign.
Due to this fact, the worth could swing decrease for a check of the low finish of the zone. Additional shut beneath this stage may ship EURUSD in the direction of the neighborhood of 1.0820-12. Though, the downtrend momentum may weaken on the weekly assist ranges underscored on the chart (Zoomed in) as they might be potential factors of take revenue for some sellers.
That mentioned, an in depth above 1.1060 may imply vendor’s exit of the market. This opens the door for the pair to right downtrend transfer, then search for a check of 1.1220. However, the weekly resistance ranges underlined on the chart must be monitored.
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EUR/USD 4 Hour Value CHART (SEp 27 – DEC 2, 2019)
From the four-hour chart, we discover on Friday EURUSD rebounded from the uptrend line, reflecting that majority of sellers had been nonetheless holding their positions.
Therefore, a break beneath 1.0963 could persuade extra sellers to affix the market and press in the direction of the low finish of present buying and selling zone, mentioned above on the each day chart. But, the weekly assist stage marked on the chart must be saved in focus. Alternatively, a break above 1.1073 may lead EURUSD to right larger in the direction of 1.1130. In that state of affairs, the weekly resistance stage underscored on the chart must be thought-about.
See the chart to know extra about key ranges the worth would encounter in an extra bullish/ bearish transfer.
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Written By: Mahmoud Alkudsi
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