The Euro
versus the Dollar retraces today towards the 1.1200 level as shown on the daily
chart. Regardless of the pullback, the pair keeps its bullish trend and it is
possible for it to go and visit the 1.1300. The 1.1300 zone has proven to be a
good resistance area, therefore it is possible for the price to find some
difficulty breaking above it. To the downside, the 1.1100 level could act as
support along with the 200 day and 55 day exponential moving averages. The
current pullback on the EUR/USD could serve as an opportunity for new buyers to
come into the market and take the price higher.
We may see a deeper correction.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteIt broke below 1.1200 and is probably falling towards 1.1140.
ReplyDeleteIt may have found some support at 1.1160.
ReplyDeleteThank you for pointing this out!
ReplyDeleteThe pair continue its short-term bearish trend.
ReplyDeleteThat’s good to know, thank you.
ReplyDeleteGood article, thank you!
ReplyDelete