EUR/USD Looks to Be Reacting Off Of Resistance on H4

Russell Shor, CFTe, MFTA FXCM

The below is the H4 chart of the EURUSD. Price is reacting off of overhead resistance around the 1.1170 level (red shaded horizontal). This has been respected a number of times since 5 May and looks to be a level that the market is paying attention to. Moreover the RSI(9) has dipped back below 50 which is suggestive that the underlying momentum is turning bearish. We continue to monitor.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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