Яндекс.Метрика EUR/USD - support, resistance & "potential large reversal pattern" developing – Technologies of the future for life!
Home / Forex Treiding / EUR/USD – support, resistance & “potential large reversal pattern” developing

EUR/USD – support, resistance & “potential large reversal pattern” developing


  • share

A snippet from Commerzbank technical analysis on EUR/USD (from an overnight note)

For now, we are unable to rule out a retest of the 1.1110 support, 

  • but, if seen, we look for this to hold. 

Be advised that the pattern being traced out is a potential large reversal pattern, we have divergence of the weekly RSI and a 13 count on the weekly chart as well and there is a risk of reversal.
Initial resistance

  •  is the 100 day ma at 1.1324 
  • and the resistance line at 1.1348 ahead of the 200 day ma at 1.1406. 
  • Only above the 200 day ma would this imply reversal.

Support 

  • at 1.1110 is regarded as the break down point to 2018-2019 support line (connects the lows) at 1.1052, the 1.0963 TD support and the 1.0814/78.6% retracement.

ForexLive

About SkyNET

Leave a Reply

Your email address will not be published. Required fields are marked *