EUR/USD
The Euro is keeping slight bullish bias in early Monday and probing above broken Fibo support at 1.0879 (61.8% of 1.0635/1.1275 rally), as oversold stochastic on daily chart points to some price adjustment before larger bears regain control.
Friday’s Doji and brief advance in Asia/early Europe on Monday generate initial signal that bears may take a breather for limited correction, which should provide better selling opportunities.
Momentum indicator remains in negative territory and MA’s in bearish setup, pointing to overall bearish near-term structure, with additional negative signal generated on last week’s close below 1.0879 Fibo support.
Falling 10DMA (1.0916) offers initial resistance, followed by 100DMA (1.0930) and the base of thickening daily cloud (1.0942), which should cap upticks and keep larger bears in play for acceleration towards 1.0786 (Fibo 76.4% of 1.0635/1.1275).
Res: 1.0916; 1.0930; 1.0942; 1.0955.
Sup: 1.0869; 1.0845; 1.0831; 1.0800.
Interested in EUR/USD technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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