HomeContributorsTechnical AnalysisTechnical Outlook: EURUSD – Directionless Mode Between 10 & 20SMA

Technical Outlook: EURUSD – Directionless Mode Between 10 & 20SMA

Narrow range trading, shaped in tight Doji was seen in Asian / early European trading.

Long-legged Doji was left on Tuesday and signaling that two-day fall from double upside rejection at 1.2518/22 might be stalling.

No stronger signs of recovery while the upside remains capped by 10SMA (1.2408) and falling hourly cloud (1.2402/34) maintaining pressure.

On the other side, rising 20SMA (1.2322) continues to underpin and guarding pivotal support at 1.2300 (Fibo 38.2% of 1.1915/1.2537 upleg).

No clear near-term direction while the price holds between 10 and 20SMA’s.

Firm break below 1.2300 would signal extension of pullback from 1.2537/22 tops, while lift above 10SMA would signal higher low and shift near-term focus higher.

Res: 1.2408, 1.2434, 1.2474, 1.2522
Sup: 1.2362, 1.2322, 1.2300, 1.2226

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.

Featured Analysis

Learn Forex Trading