Euro Could Bounce From 3-12 months Low
EUR/USD TECHNICAL ANALYSIS: BEARISH
- Euro digesting losses at three-year lows above 1.06 determine
- Optimistic RSI divergence hints a rebound could also be due forward
- Dealer sentiment research ship blended EUR/USD message
The Euro has paused to consolidate latest losses towards the US Dollar having landed atop assist at 1.0652, the 78.6% Fibonacci growth. Bearish resumption from right here with a break under assist confirmed on a day by day closing foundation might clear the way in which to problem the 100% degree at 1.0422.
A dense block of resistance stands in the way in which of any would-be forays to the upside. The primary hurdle of be aware is the 1.0783-1.0880 space, marked by a worth inflection area courting again about three years. Above that, prior ranges of assist recast resistance run back-to-back towards the 1.12 determine.
However, zooming into the 4-hour chart suggests a bounce could also be tried all the identical. The looks of constructive RSI divergence suggests…