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EUR/USD has potentially reversed from the 1.0950-60 range sliding below 1.0900 during early trading hours on Wednesday. The single currency pair has recovered a bit and is now seen to be trading close to 1.0920 at this point in writing. Intraday resistance could be seen close to the 1.0930-40 area and the bears are expected to come back in control then.
EUR/USD has reversed from a significant resistance zone close to the Fibonacci 0.618 retracement of its earlier downswing between 1.1275 and 1.0450 levels. If the pattern holds well, this could be a major trend reversal and drag prices below 1.0450 in the next several weeks. Initial price support is seen at 1.0824 and a break below that is still required to confirm.
EUR/USD has also respected the bearish divergence seen on 4H RSI, which indicated a potential turn from the 1.0950-60 area. A continued drag lower would break its immediate trend line support which is passing close to 1.0824. Ideally, a top seems to be in place and traders might position against recent swing highs around 1.0960.
A potential drop resumes towards 1.0450.
Good luck!
Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.
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