EURUSD May Have Seen a Reversal at 1.1228

EURUSD May Have Seen a Reversal at 1.1228
EURUSD May Have Seen a Reversal at 1.1228



EURUSD is trading in a  choppy and overlapping move North within the Blue Wave C.

Looking this as the corrective pullback in the Wave C with a possible target at 1.1190-95 area.

Seeing this as corrective in relation to a previous move South it means expect lower levels on this pair to come soon.

The Euro fell to 1.1100 support Monday breaking its 200-Day SMA leaving long Bullish weekly candle.

EURUSD generated Bullish signal, along with 5/200-Day SMA’s Golden Cross, for possible extension of near-term recovery from 1.0909 (post-Brexit low.

Rally so far met initial target and very strong resistance at 1.1167 (converged daily Tenkan-sen / Kijun-sen lines / 50% Fibo retracement of 1.1425/1.0909 fall), which capped the recovery for now.

Near-term see a Neutral setup and daily technicals show mixed mode, which may trigger extended consolidation while 1.1167 barrier caps.

Otherwise, a violation of 1.1100 support zone would give initial signals of weakening, which requires confirmation on sustained break below 1.1070.

Resistance marks: 1.1147, 1.1167, 1.1187, 1.1228
Support marks: 1.1096, 1.1070, 1.1038, 1.1022

Have a terrific week.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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