Eur/usd - page 358
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There is a time for a little correction.
Finally the side trading is over and EUR/USD fell under 1.0600 but still waiting for the close of today before opening a short position next level 1.0550 then 1.0450 which is 2015 low.
The EUR/USD down trend still strong and the best thing is go short from 1.0654.
EUR/USD: Bearish Signal Only On This Close - UOB Instead of trading sideways, EUR dropped to a low of 1.0565 before rebounding to close off the low, notes UOB Group.
"Despite the weak undertone, the current weakness is likely part of a broader consolidation range instead of the start of a sustained downmove. From here, allow for a dip to 1.0590 but 1.0560 is expected to hold for a recovery to 1.0660.
Only a daily closing below 1.0580 would indicate the start of a fresh bearish phase. For now, we remain neutral but the downward pressure will continue to increase," UOB projects.
The euro is losing ground against the dollar on Wednesday. The single currency did not meet the positive expectations and recorded a decrease against the dollar. As a result, the support at 1.0568 was pierced after reaching a bottom for the day at 1.0566. Subsequently, however, the losses were partially restored and the currencies finished at 1.0623. If bearish sentiment continue, the pair will test the support at 1.0517.
Yesterday the EURUSD went back and forward with a wide range, creating an outside day then closed in the red at the middle of the daily range, suggesting another down day for today.
The 10-day moving average continues to push the currency down acting as a strong resistance.
The key levels to watch are the 1.0819 (resistance), a Fibonacci extension at 1.0703 (resistance), the 10-day moving average at 1.0651 (resistance), 1.0622 (Support), and 1.0462 (support).
The markets are very still today because of the Thanksgiving.
EUR/USD failed to close yesterday under the support level 1.0600 and back to the 100 pip range I dont expect to see much movement till the end of the week.
In my opinion, the next target will be 1,0550.
The EUR/USD dead today, Lets see tomorrow if the pair gonna test the 1.0549 support level.