The recovery yesterday was unexpected as EUR/USD Reached an overnight high of 1.0856. now it seems to have scope to test the 1.0875/80 resistance but move above this level appears unlikely. On the other hand, only a move back below 1.0810 can indicate that the short-term upward pressure has eased.
As pointed out yesterday, while we shifted to a SELL stance in EUR/USD, the downward momentum is not impulsive and we have a modest target of 1.0710.
After last week's attempt to break the support level, now the EUR/USD is forming a doji price is returning to the open price, this means there is uncertainty in the market. For me I cannot find an opportunity to enter on the price the only option is to wait for a break out of the sideways range.
honeill posted: On yesterday session the EURUSD rallied and closed well in the green, near the high of the day, in addition closed within the previous day range, suggesting a weak bullish momentum.
The pair failed to close above the 10 and the 50-day moving averages that now are acting as a dynamic resistance.
The key levels to watch are: The previous swing high at 1.0975 (resistance), 10-day moving average at 1.0866 (resistance), the 50-day moving average at 1.0863 (resistance) and a swing low at 1.0712 (Support).
I am totally in your side cause no other option as i see, thank you.
All quiet tonight with the exception of the Aussie pairs which have shown some good momentum. EURUSD - as everyone is pointing out - is pretty neutral and that's reflected in all of my stuff as well. Sitting on the sidelines tonight but it seems like a good time to post the first post and load the first chart... You know, when no one is looking.
On yesterday session the EURUSD initially fell but found enough support to turn around and closed well in the green, near the high of the day, in addition closed above previous day high, suggesting a strong bullish momentum.
The pair failed to close again above the 10 and the 50-day moving averages that now are acting as a dynamic resistance.
The key levels to watch are: The previous swing high at 1.0975 (resistance), 10-day moving average at 1.0864 (resistance), the 50-day moving average at 1.0869 (resistance) and a swing low at 1.0712 (Support).
The single currency marked a volatile session against the dollar on Tuesday. Finally session ended in favor of the euro. If bullish sentiment intensify, the resistance at 1.0917 will be soon overcome. Tuesday session started at a price of 1.0848 and closed 21 pips higher. Tip of the day was reached at 1.0873, and the bottom was hit 55 pips below.
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