Focus on Fx: EUR/USD Pair
Focus on Fx: EUR/USD Pair
EUR/USD Consolidating around 1.34, New Channel Support
Falling channel: After falling sharply during the 7 February session, the EUR/USD found support just under 1.34.
This price action forms a falling channel as it bounces from the falling support seen in the 1-H chart.
During the 8 February session so far, EUR/USD is consolidating around the 1.34 Handle in what appears to be a flag pattern in here.
The 1H RSI is coming back up, and if the market is Bearish, it should hold under 60.
Price action in the short-term is now Bearish, unless there is a break above the falling channel and above the 200-hr SMA which is at 1.3540 at the moment.
With the short-term Bearish trend developing, there is further room to fall in this bearish overall correction against a rally since July as seen in the daily chart.
The Bearish outlook for now should be limited to 1.3160, which is a Support/Resistance pivot reinforced by a rising trendline.
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Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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