The EUR/USD pair recovered from a fresh
nine-year low of 1.1727 to finish slightly higher at 1.1789 levels,
thereby forming a spinning bottom candlestick formation on the daily
charts. The pair did clock a high of 1.1847, before closing below 1.18
levels. Consequently, losses have been extended today as the pair traded
lower at 1.1766 at the time of writing. On the hourly chart, the pair
struggled to rise above 50-SMA due to which the hourly RSI has been
pushed below 50.00 levels. Thus, the pair is likely to test
1.1753 levels. Moreover, the losses could be extended to 1.1727 levels
if the hourly RSI breaks below rising trend line support. However,
further losses are unlikely as spinning bottom candlestick on the daily
charts indicates the EUR bears may have lost steam for now. Thus, a fresh demand for EUR can be anticipated in the range of 1.1727-1.1750. The immediate upside appears capped around 1.18 levels. An hourly close above the same shall open doors for the re-test of 1.1841 levels.
Description: EUR bears may be exhausted for now
Reviewer: Unknown
Rating: 4.0
ItemReviewed: EUR bears may be exhausted for now
Reviewer: Unknown
Rating: 4.0
ItemReviewed: EUR bears may be exhausted for now
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