#Euro Prices Volatile, Bears Can Take Over Below $1.0800
Past Performance
Euro recovered on Friday, but this formation doesn't swing price action to favor buyers. For now, sellers have the upper hand since prices are oscillating inside the June 23 bear candlestick. Besides, trading volumes are light, casting doubts on the strength of the uptrend.
#EURUSD Technical Analysis
Buyers are confident. Whether this will continue in the days ahead is if Euro bulls will press higher above $1.1000 in the days ahead. The primary support is $1.0840, marking June 23 low. However, on the lower end, bears can target $1.0800. Considering the current formation, sellers may find entries to short now that prices are inside the June 23 trade range. Any break above $1.1000 cancels this preview, with losses below $1.0800 and June 15 cementing the bearish forecast.
What to Expect?
The bears have the upper hand in the current formation. Even though gains of June 15, the anchor bar, have yet to be wholly reversed, the rejection of higher prices last week points to weakness. Therefore, conservative traders can wait for a clean break below $1.0800 or $1.1000 before loading in the emerging direction.
Resistance level to watch: $1.1000
Support level to watch: $1.0800
Disclaimer: Opinions expressed are not investment advice. Do your research.
Euro recovered on Friday, but this formation doesn't swing price action to favor buyers. For now, sellers have the upper hand since prices are oscillating inside the June 23 bear candlestick. Besides, trading volumes are light, casting doubts on the strength of the uptrend.
#EURUSD Technical Analysis
Buyers are confident. Whether this will continue in the days ahead is if Euro bulls will press higher above $1.1000 in the days ahead. The primary support is $1.0840, marking June 23 low. However, on the lower end, bears can target $1.0800. Considering the current formation, sellers may find entries to short now that prices are inside the June 23 trade range. Any break above $1.1000 cancels this preview, with losses below $1.0800 and June 15 cementing the bearish forecast.
What to Expect?
The bears have the upper hand in the current formation. Even though gains of June 15, the anchor bar, have yet to be wholly reversed, the rejection of higher prices last week points to weakness. Therefore, conservative traders can wait for a clean break below $1.0800 or $1.1000 before loading in the emerging direction.
Resistance level to watch: $1.1000
Support level to watch: $1.0800
Disclaimer: Opinions expressed are not investment advice. Do your research.
