The Euro has been losing ground to the US Dollar and the Swiss Franc of late as technical begin to turn. Can the Euro steady itself before making new lows? Get your market update from DanMcCarthyFX here:
has been caught in a 1.0806 – 1.1185 range. The lower bound of the range is the lowest since May 2020.A bearish triple moving average formation requires the price to be below the short term, the latter to be below the medium term SMA and the medium term SMA to be below the long term SMA. All SMAs also need to have a negative gradient.
When looking at the 10-, 21-, 34-, 55-, 100- and 200-day SMAs, the criteria for a TMA have been met using any combination of these SMAs. Support could be at the recent low of 1.0837 and a breach of that level could see the March low of 1.0806 tested. Below there, the March 2020 low of 1.0636 may provide support.
On the topside, potential resistance might be at the previous highs and pivot points of 1.0945, 1.1138, 1,1185. Further up, resistance could be at 1.1274, 1.1280, 1.1396, 1.1483 and 1.1495. Resistance may also be at the descending trend line, currently dissecting at 1.1100. The SMAs themselves are also possible resistance levels.
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