Analysis

EURUSD – fresh weakness increases pressure on strong 55SMA support

Completion of hourly Failure Swing pattern shifts near-term risk lower.
Pivotal supports at 1.0617 (Fibo 38.2%) and 1.0600 (55SMA) coming under pressure. 
We need to see daily close above 1.0600 to keep bullish stance from past two days strong rally in play.

Otherwise, more downside risk could be expected on loss of 55SMA pivot.

The pair is on track for weekly close in long-legged Doji that would signal strong indecision after previous week's sharp fall.
Next key level lies at 1.0525 (weekly low / Fibo 61.8% of entire 1.0339/1.0827 rally), loss of which will be bearish

Res:  1.0665; 1.0678; 1.0694; 1.0710
Sup:  1.0617; 1.0600; 1.0580; 1.0557

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.