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T3-Consultancy

EURUSD H4: Bearish outlook seen, further downside below 1.06800

Short
Euro / U.S. Dollar (FOREXCOM:EURUSD)  
T3-Consultancy  
FOREXCOM:EURUSD   Euro / U.S. Dollar
Trend Analysis Chart Patterns Harmonic Patterns EURUSD EUR USD eurusdlong eurusdshort Forex forextrading forexsignals
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On the H4 timeframe, prices are showing bearish orderflow and are currently testing the resistance zone at 1.06800, which coincides with the Fibonacci confluence levels and descending trend line. We could see a reversal below this level to the support zone at 1.0550, which is in line with the graphical low. Prices are holding below the Ichimoku cloud as well, supporting the bearish bias. Failure to hold below the resistance zone at 1.06800 could see prices push higher to test the next resistance zone at 1.0770 which is also in line with the 78.6% Fibonacci retracement.
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