India Crypto Exchange

Best Bitcoin Trading Platform

EUR/USD: Tumbles On Heavy Sell Off, Stays Below 1.0807

EUR/USD: Tumbles On Heavy Sell Off, Stays Below 1.0807

EUR/USD: The pair witnessed a sharp sell off the past week, cutting through its key support, the 1.0818/08 zone. This development leaves EUR lower as we enter a new week. It will have to maintain below the mentioned support turned resistance to prevent any bullish offensive. But beware of a recovery higher following such a sell off. Support is located at the 1.0700 level but if violated, expect more weakness to occur towards the 1.0650 level. Further down, support lies at the 1.0600 level, where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level. Its weekly RSI is bearish and pointing lower, supporting this view. Conversely, resistance is comes at 1.0800 level, with a cut through here opening the door for more upside towards the 1.0850 level. Further up, resistance lies at the 1.0900 level, where a break will expose the 1.0950 level. All in all, EUR remains biased to the downside.

EUR/USD Weekly Chart

0 0 votes
文章评分
Subscribe
Notify of
guest
0 评论
Inline Feedbacks
View all comments