The Euro snapped out of the descending trend channel last week before doing a U-turn since and there could be some ominous sign for Euro bulls. Will EUR/USD resume the descent?
A bearish triple moving average formation requires the price to be below the short-term SMA, the latter to be below the medium-term SMA and the medium-term SMA to be below the long-term SMA. All SMAs also need to have a negative gradient.
On the downside, nearby support might lie near the previous lows and breakpoints in the 1.0480 – 1.0495 area ahead of the lows seen in December 2022 and October 2023 near 1.0445. The next resistance levels could be at the breakpoints and previous highs near 1.0740, 1.0770, 1.0835 and 1.0945 ahead of a cluster zone of potential resistance in the 1.1075 – 1.1100 area.appears to have settled back into its recent range after rejecting the move higher last week when it popped above the August to peak to trade at its highest level since 2008.
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