EURUSD consolidates after strong fall; bias remains on downside
|EURUSD
The Euro remains volatile after big fall on Thursday and trades above fresh low at 1.0587, posted today. Yesterday’s large bearish candle with long upper shadow, formed after strong upside rejection, weighs heavily on near-term price action.
Bearish studies maintain pressure for further downside, with firm break below 1.0600 handle, needed to open way towards recent lows at strong 1.0500 support zone.
Meantime, consolidation should be ideally capped under 1.0700 zone (daily Tenkan-sen at 1.0688 and Fibo 38.2% of yesterday’s fall at 1.0696).
Any break higher would signal extended consolidation ahead of final attempt below critical supports at 1.0500/1.0461. Long-legged weekly Doji candle supports such scenario.
Res: 1.0630; 1.0654; 1.0700; 1.0730
Sup: 1.0587; 1.0551; 1.0504; 1.0461
Interested in EURUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.