Trader_97

EUR/USD REACTS TO SUPPORT AT 1.0670 AND NOW BACK ABOVE 1.07

FX_IDC:EURUSD   EURO / US DOLLAR
39 0 2
AFTER A FAILURE TO CLOSE ABOVE THE 1.0788 AREA RESISTANCE YESTERDAY EURO             FELL AND THE SELL OFF CONTINUED TILL WE REACHED THE 1.0670 AREA WHERE WE HAVE A MINOR SUPPORT. EURO             REACTED TO IT BY POSTING A DECENT BULLISH CANDLESTICK AND NOW SHOWING A BIT OF FOLLOW THROUGH AS WELL.CURRENTLY TRADING AT 1.0714 AREA. BEARISH TREND CHANNEL REMAINS INTACT AS WELL THOUGH THE NEAR TERM TRADING RANGE HAS STARTED TO BECOME NARROW AS WE MOVE CLOSER TO THE TREND LINE RESISTANCE FROM 3RD OF NOVEMBER 2015. WE HAVE MINOR RESISTANCE AT 1.0744 AREA ABOVE IT AT 1.0770 AND AT 1.0788.A CLOSE ABOVE THE 1.0788 RESISTANCE IS REQUIRED FOR A MOVE HIGHER .... BELOW THE 1.0670 AREA SUPPORT LOSSES FOR EURO             WILL CONTINUE TO EXTEND.OVERALL TREND REMAINS BEARISH .PRICE STILL TRADING BELOW THE 100 DAY SMA AND 50 DAY EMA . MACD ALSO MOVING IN BEARISH TERRITORY
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