Sat, Dec 04, 2021 @ 17:40 GMT
HomeContributorsTechnical AnalysisEURUSD – Correction Extends Above 55SMA Barrier But Overall Bias Is Still...

EURUSD – Correction Extends Above 55SMA Barrier But Overall Bias Is Still Bearish

Yesterday’s strong downside rejection that left long-tailed daily candle signals extended consolidation / correction before larger bears resume.

Fresh extension of bounce from 1.0520 low probes above initial barrier at 1.0600 (55SMA), above which would signal stronger correction of 1.0827/1.0520 downleg.

Slow stochastic emerged from o/s territory and supports this scenario.

Good resistances that lay at 1.0641 (Fibo 38.2% of 1.0827/1.0520) and 1.0666 (10/30SMA bear-cross) should limit corrective action.

Upper breakpoint lies at 1.0695 (20SMA), break of which would signal an end of correction from 1.0827 (02 Feb high)

Res: 1.0640, 1.0666, 1.0695, 1.0737
Sup: 1.0600, 1.0559, 1.0520, 1.0454

Windsor Brokers Ltd
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.

Featured Analysis

Learn Forex Trading