Short-Term Forex Technical Outlook: EUR/USD

Currency Pair: EUR/USD
Chart: 60 Min Charts
Short-Term Bias: Bearish

The EURUSD pared gains last week and fell 250+ pips on Friday to hold near the 1.2700 level, and the technical outlook continues to favor a bearish outlook for the euro-dollar over the near-term. After dipping to a low of 1.2329 on 10/28, the pair strengthened to reach a high of 1.3300 on 10/30, but the lack of momentum to push higher indicates that investors remain bearish against the pair. However, the divergence from the 120 SMA suggests that the pair may retrace its sharp move to the downside, and we may see the pair work its way back towards 1.2810-20 (50.0% Fib retracement level) over the next day or so.

DailyFX

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