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EUR/USD Technical Evaluation: Euro Able to Reverse Uptrend?

EUR/USD TECHNICAL ANALYSIS: BEARISH

Euro breaks December assist, threatening bounds of Three-month restorationAffirmation of bearish resumption eyes preliminary assist slightly below 1.09Lengthy-term development dynamics trace extension towards 1.07 could be in scope

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The Euro prolonged decrease after a false breakout previous the 1.12 determine, as anticipated. The forex has now damaged upward-sloping assist guiding good points towards the US Greenback by December, hinting near-term strain increased has been neutralized.

Making the case for broader bearish development resumption in all probability requires additional affirmation nonetheless. A each day shut under the 1.1069-1.1104 congestion zone and a rising development line connecting main swing lows since October – now at 1.1051 – seem to be conditions on that rating.

Euro vs US Dollar price chart - daily

Every day EUR/USD chart created with TradingView

If this materializes, a transfer by the 1.0968-90 congestion space to problem the swing low at 1.0879 might comply with. A deeper selloff could possibly be within the playing cards if long-term development dynamics maintain up nonetheless. The tempo of the down transfer now in play implies a mean drop of four.6 %, placing value simply above 1.07.

Euro vs US Dollar price chart - weekly

Weekly EUR/USD chart created with TradingView

EUR/USD
BEARISH

Information supplied by



of purchasers are internet lengthy.



of purchasers are internet brief.

Change in

Longs

Shorts

OI

Every day
23%
-9%
6%

Weekly
53%
-25%
5%

EUR/USD TRADING RESOURCES

— Written by Ilya Spivak, Forex Strategist for DailyFX.com

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


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