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EUR/USD Outlook: Hourly Studies Turned Negative

EUR/USD Outlook: Hourly Studies Turned Negative


The euro erased last Friday’s gains after rally stalled near 1.3567 peak and subsequent reversal dipped close to 1.3500 handle. Negative sentiment was confirmed by gap-lower opening with price moving in the lower part of 1.3460/1.3567 in the one-week range. Hourly studies turned negative and keep the downside at risk, while the 4-hour indicators are at the midlines. Bearish trigger will be seen on violation of strong 1.3460 / 50 support zone, where the range floor is reinforced by 55DMA and double a Fibonacci. A 23.6% retracement of 1.3103/1.3567 upleg, and 50% of 1.3337/1.3567, as break here is expected to confirm the double-top formation and open fresh leg lower towards 1.3400, and Round figure with 38.2% of 1.3103/1.3567 next. Conversely, a bounce above 1.35 barrier would avert immediate downside risk and signal continuation of sideways trading. Resistance: 1.3505; 1.3522; 1.3536; 1.3563

Support: 1.3476; 1.3461; 1.3450; 1.3425

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