HomeContributorsTechnical AnalysisEUR/USD: Bulls to Hold Grip While Rising 10DMA Protects the Downside

EUR/USD: Bulls to Hold Grip While Rising 10DMA Protects the Downside

The Euro remains constructive above solid supports at 1.0448/52 (10DMA / Fibo 38.2% of 1.0222/1.0594 upleg) which contained pullback after larger bulls failed to break pivotal Fibo barrier at 1.0578 (Fibo 38.2% of larger 1.2266/0.9535 downtrend).

Daily studies remain in bullish setup and support the action, however, bullish weekly close with minimum requirement on close above Monday’s high (1.0550) is needed to confirm bear-trap under 1.0452 Fibo support and additionally support near-term action.

On the other hand, overbought weekly studies warn that bulls may lose traction, with bearish weekly close to signal bull-trap above 1.0578 Fibo barrier and increase risk of deeper pullback, which would look for confirmation on sustained break of 10DMA.

Res: 1.0550; 1.0578; 1.0608; 1.0700.
Sup: 1.0448; 1.0397; 1.0353; 1.0290.

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
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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