EURUSD has reversed yet again from the 1.1090-95 zone indicating strong resistance but needs to break below 1.0900 at least to confirm that a top is in pace. The single currency pair is seen to be trading close to 1.1025 at this point in writing as the bears are looking inclined to hold the 1.1095 potential resistance going forward.
EURUSD has carved a larger-degree upswing in the past several months between 1.0535 and 1.1095 as seen on the daily chart. The entire boundary needs to be retraced lower towards the 1.0200-1.0300 range before the rally could resume. Also, note that the Fibonacci 0.618 retracement of the above rally is passing through the 1.0100-1.0200 area, hence, remaining a highly probable turning point.
EURUSD has produced yet another Engulfing Bearish candlestick pattern on the daily chart after reversing from the 1.1095 high. It is a sign of a potential trend reversal towards 1.0500 at least if not lower. A break below the 1.0900 and 1.0830 initial supports will confirm and accelerate a bearish move to the downward target.
Trading idea:
A potential bearish move against 1.1200
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook:
EURUSD has reversed yet again from the 1.1090-95 zone indicating strong resistance but needs to break below 1.0900 at least to confirm that a top is in pace. The single currency pair is seen to be trading close to 1.1025 at this point in writing as the bears are looking inclined to hold the 1.1095 potential resistance going forward.
EURUSD has carved a larger-degree upswing in the past several months between 1.0535 and 1.1095 as seen on the daily chart. The entire boundary needs to be retraced lower towards the 1.0200-1.0300 range before the rally could resume. Also, note that the Fibonacci 0.618 retracement of the above rally is passing through the 1.0100-1.0200 area, hence, remaining a highly probable turning point.
EURUSD has produced yet another Engulfing Bearish candlestick pattern on the daily chart after reversing from the 1.1095 high. It is a sign of a potential trend reversal towards 1.0500 at least if not lower. A break below the 1.0900 and 1.0830 initial supports will confirm and accelerate a bearish move to the downward target.
Trading idea:
A potential bearish move against 1.1200
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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