Fri, Dec 09, 2022 @ 05:05 GMT
HomeContributorsTechnical AnalysisEURUSD – Pullback From 1.0770 Zone May Extend To 1.0600 Zone

EURUSD – Pullback From 1.0770 Zone May Extend To 1.0600 Zone

Yesterday’s long red candle weighs on market, as fresh weakness after rejections at 1.0770 zone broke below daily Tenkan-sen support at1.0680 (now reverted to resistance).

Thursday’s low at 1.0656 (also Fibo 61.8% of 1.0587/1.0773 upleg) is under pressure, as today’s consolidation was capped at 1.0700 zone.

Scope is seen for extension towards next strong support at 1.0607 (Fibo 38.2% of 1.0339/1.0773) reinforced by 20SMA, with break here to accelerate towards 1.0560 (daily cloud base / Kijun-sen).

Initial resistances lay at 1.0680/1.0700, with extended upticks expected to stay under 1.0725.

Res: 1.0680, 1.0700, 1.0725, 1.0742
Sup: 1.0656, 1.0607, 1.0586, 1.0560

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