- Wednesday's candle is signaling buyer exhaustion above key resistance.
- EUR/USD is likely to test dip demand with a drop to 1.1050.
The pair clocked a high of 1.1116 during the US trading hours only to close Wednesday with marginal losses at 1.1078.
Essentially, the pair created a candle with a long upper shadow, signaling buyer exhaustion above the bearish lower high of 1.1097 created on Nov. 21. The pair is now likely to test dip demand with a drop to 1.1050 – more so, as the MACD histogram on the 4-hour chart has crossed below zero. Currently, EUR/USD is sidelined around 1.1080.
The recent lows below 1.10 could come into play if the pair finds acceptance below 1.1066 (Wednesday's low), confirming a bearish reversal. On the flip side, a convincing close above 1.1097 is needed to invalidate the lower highs set up and confirm a bullish reversal.
|Today last price||1.1082|
|Today Daily Change||0.0003|
|Today Daily Change %||0.03|
|Today daily open||1.1079|
|Previous Daily High||1.1116|
|Previous Daily Low||1.1066|
|Previous Weekly High||1.1034|
|Previous Weekly Low||1.0981|
|Previous Monthly High||1.1176|
|Previous Monthly Low||1.0981|
|Daily Fibonacci 38.2%||1.1086|
|Daily Fibonacci 61.8%||1.1097|
|Daily Pivot Point S1||1.1059|
|Daily Pivot Point S2||1.1038|
|Daily Pivot Point S3||1.1009|
|Daily Pivot Point R1||1.1108|
|Daily Pivot Point R2||1.1137|
|Daily Pivot Point R3||1.1158|
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