Technician

EURUSD Facing Multiple Resistance Levels

FX:EURUSD   Euro Fx/U.S. Dollar
479 0 5
The price has landed at a major resistance area , where different short medium and long term resistance levels meet around 1.3850 area. The resistance of the recent bullish channel , alongside the 61.8 retracement of the long term bearish wave that started in may 2011 at 1.4935 to 2012 low at 1.2041. The 161.8 extension level of the latest bullish wave is at 1.3824 as well, meanwhile RSI is strongly overbought.

Accordingly, a downside reversal or correction seems likely, however, look for intraday bearish signals to benefit from any downside pressure. On the other hand, if price successfully breaks and holds above this area, that would confirm the continuation of the rally.
We are finally LIVE https://thefxchannel.com
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
中国
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out