Thu, Dec 09, 2021 @ 07:04 GMT
HomeContributorsTechnical AnalysisEURUSD Is Biased Higher, Fresh Rallies Seen After Correction

EURUSD Is Biased Higher, Fresh Rallies Seen After Correction

Near-term action is biased higher following yesterday’s strong rally that marked the biggest one-day gains since 31 Jan.

Rally was so far capped by daily Kijun-sen at 1.0675, with corrective easing under way.

Broken Tenkan-sen now acts as initial support at 1.0634, ahead of 1.0617 (Fibo 38.2% of two-day 1.0520/1.0675 rally / 5SMA) and 1.0600 (55SMA, former strong barrier) where extended dips should find solid support).

Early downside rejection would prompt attack at next key barriers at 1.0695/1.0710 (20SMA / Fibo 61.8% of 1.0827/1.0520) with sustained break higher to signal an end of corrective phase from 1.0827.

Conversely, loss of 1.0600 handle would signal lower top at 1.0675 and turn near-term focus lower.

Res: 1.0675, 1.0695, 1.0710, 1.0755
Sup: 1.0634, 1.0617, 1.0600, 1.0580

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