EURUSD (1H) - short term bearish bias
The single currency came under increasing pressure as it failed to hold the high ground yesterday. The ill-fated rebound looked more like a dead cat bounce than a sustainable bullish movement. The break of the 1.1100 support was followed by a bearish MA cross, like rubbing salt in bulls' wounds. We expect the price to test the trend line on the 4H chart, should bids get hit we may witness a sell-off towards the 1.1050s.
Key support: 1.1070
Key resistance: 1.1120
The single currency came under increasing pressure as it failed to hold the high ground yesterday. The ill-fated rebound looked more like a dead cat bounce than a sustainable bullish movement. The break of the 1.1100 support was followed by a bearish MA cross, like rubbing salt in bulls' wounds. We expect the price to test the trend line on the 4H chart, should bids get hit we may witness a sell-off towards the 1.1050s.
Key support: 1.1070
Key resistance: 1.1120
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.