HomeContributorsTechnical AnalysisEURUSD – 55SMA Offers Support For Correction Ahead Of Fresh bears

EURUSD – 55SMA Offers Support For Correction Ahead Of Fresh bears

The Euro extended downleg from 1.0905 high and closed below important 1.0700 support on Thursday’s strong bearish acceleration. Near-term bias turned with bears and eyes next targets at 1.0650 (Fibo 61.8% of 1.0493/1.0905 upleg) and 1.0922 (daily cloud top/100SMA).

The fall found temporary support at 1.0672 (55SMA) which is holding for now, with strongly oversold 4-hr studies suggesting a pause in the downmove.

Near-term action is holding within narrow consolidation, seeing limited upside, ahead of fresh push lower on bearish sentiment.

Broken 1.0700 support now acts as solid resistance, however, stronger corrective action cannot be ruled out.

Falling hourly cloud (spanned between 1.0764 and 1.0804) is expected to cap extended upticks.

The pair is on track for strong bearish weekly close that maintains bearish stance.

Today’s repeated close below 1.0700 handle is needed to confirm.

Res: 1.0700, 1.0726, 1.0764, 1.0788
Sup: 1.0650, 1.0622, 1.0583, 1.0570

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