EUR/USD TECHNICAL ANALYSIS: BEARISH
- Euro chart setup hints near-term upside momentum could also be ebbing
- Breaking assist close to 1.10 would possibly expose October’s swing backside
- Longer-term positioning argues for nonetheless deeper losses within the playing cards
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The Euro appeared to hit a wall on one other try and breach resistance within the 1.1069-80 space. Costs tagged a one-month excessive above the 1.11 determine intraday however scurried all the best way again by session shut, producing a dramatic-looking Capturing Star candlestick.
This together with early indicators of destructive RSI divergence could also be indicative of ebbing bullish momentum, which could in flip set the stage for a reversal decrease. Preliminary assist is within the 1.0968-90 zone, with a every day shut beneath that opening the door to retest October’s swing low at 1.0879.
Alternatively, securing a foothold above resistance – once more, on a every day closing foundation – places the subsequent upside barrier…