EUR/USD tried to push higher yesterday, but after marking an
intraday high at 1.0658 closed lower at 1.0596. As seen on the four hour chart,
the pair broke below the bullish channel and the 200-day SMA. Technical
indicators have retreated from oversold region, but yet are well below the
mid lines and confirming the bearish bias. Strong resistance is seen at 1.0650
and in case of surpassing it, probable bullish target will be 1.710 area (last
week’s highs). On the other side, the downward pressure will be increased in
case of crossing below 1.0590 (yesterday’s low). Next supports are located at 1.0550
and 1.0520.
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