EUR/USD: Not that fast

by Admin

EUR/USD recovery stalled at 1.3161, a few pips below the 50% retracement of the latest bearish leg as seen in the 4 hours chart, and the pair is back under pressure trading below the 38.2% retracement of the same rally around 1.3125 immediate resistance. In the mentioned time frame, 20 SMA maintains the bearish tone around current price, while indicators are turning lower and about to leave positive territory, which suggest upward corrective move could be over: renewed selling interest below 1.3110, should lead to a quick retest of 1.3070 price zone, while once below this last, 1.3020 comes at sight. Sustained gains above 1.3160 on the other hand, may see the pair extending the upside up to 1.3200/20 price zone.

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