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EUR/USD – Gravestone Doji at critical technical levels on monthl

FX_IDC:EURUSD   Euro/U.S. Dollar
Euro’s break below 1.1429 (mentioned earlier this week as a strong support) has opened doors for a slide to 1.12 levels.

The monthly chart now shows a “Gravestone Doji” formation.
  • It was very essential for the bulls to ensure the spot stayed above 1.1534 levels. However, not only the pair retreated from a high of 1.1616, but it also fell below 1.1534 levels on closing basis and printed a low of 1.1418 levels.
  • Failure to sustain above key zone of 1.1436-1.1534 levels despite rising to 1.1616 indicates the currency pair could be heading lower to 1.12 levels.
  • The move may not happen in a day or two; although probability of such a drop in high if tomorrow’s US wage growth figures are strong.
  • As of now, the spot is likely to see fresh offers on upticks unless and the bearish invalidation is seen only in case of spot closing above 1.1534 levels.
its 5 days through the month relax
Reply
TipTVFinance Alex.Singletary
Agreed..but its failing to sustain above key technical zone - 1.1436-1.1534.
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