Nasty candlestick on the EUR/USD daily chart

FX:EURUSD   Euro / U.S. Dollar
One more hour to go before the day's close on FXCM's FX server. The euro             is just below $1.10 right now, which means that we're breaking Friday's lows. I identified a resistance level at $1.12 this morning (we were at $1.1150 at the time of publishing the idea), and seeing the daily candlestick now, I have a tendency of thinking that we won't be seeing $1.12 anytime soon. $1.195 and $1.184 are potential bearish targets if the euro             continues to fall, but we'll have to be careful with the ECB rate statement later in the week. I'm thinking that the week's highs are already in place and that we're going to come out of this congestion area with a new bearish leg all the way down to $1.05 in the coming weeks.
The support at $1.084 is likely to be tested.
+1 Reply
EUR/USD is up from 8 weeks. NOW is good time to enter buy long.. long =... mean 3 weeks or more ..
AdrianRaymondFX pharaohfromthebes
EUR/USD is above all neutral since March. I prefer following the overall long-term trend, which reflects firmly-anchored central bank monetary policies.
+1 Reply
Great reseach keep it up. I hope to one day understand the markets at such a level as you.
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