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Technical Outlook: EURUSD – Bears Struggling To Break 1.1720 Pivot

The Euro is holding in daily cloud on Tuesday and probes again below strong supports at 1.1720/10 (Fibo 38.2% of 1.1118/1.2092 rally / weekly 200SMA).

The pair hit new low at 1.1696 (the lowest since 17 Aug) but so far without clear break lower. Monday’s long bearish candle weighs on near-term action for final break below 1.1720/10 pivots and fresh bearish acceleration which could extend towards next strong supports at 1.1605/1.1594 (50% retracement of Jun/Sep 1.1118/1.2092 ascend / daily cloud base).

Meanwhile, extended consolidation could be expected while supports at 1.1720/10 hold, but upside action should be limited under cloud top, as formation of 10/55 SMA’s bear-cross (1.1825) maintains downside pressure.

Res: 1.1748, 1.1764, 1.1780, 1.1810
Sup: 1.1720, 1.1696, 1.1662, 1.1594

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.

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