EURUSD – fresh weakness increases pressure on strong 55SMA support

Slobodan Drvenica Windsor Brokers

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

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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