euro On Friday, it fell slightly, but then turned around to climb back up to the 1.0850 level before falling again. At this point, the market ended up forming a sort of shooting star at noon. The market is clearly in trouble but we are at the bottom of a broader consolidation zone which has a peak at level 1.10 with a bottom at level 1.0750 below. At this point, we’re closer to the bottom, so I’m not necessarily looking to start selling this market here. “Data-reactid =” 12 “> The euro dropped slightly at the opening on Friday, but then turned to rally to reach above the 1.0850 level before falling again. , the market ended up forming a kind of shooting star at noon. The market is clearly in trouble but we are at the bottom of a broader consolidation zone which has a high at level 1.10 with a low at level 1.0750 below At this point we are closer to the bottom, so I’m not necessarily looking to start selling this market here.
EUR / USD Video 11.05.20
However, if the market was down below the 1.0750 level, then I could consider short-circuiting this market as it would cross this important range. Below that, level 1.0650 would also be a target at that time, then level 1.05 after that. In the end, if we break above the top of the candlestick for the Friday session, I think we’re going to be looking up this range, and I’ll be looking to start selling the euro closer to the level of 1 , 0950, because this is an area that I think is the start of significant resistance and what I see as a longer term downtrend. That said, the euro tends to be very jerky and has been declining for years. Short-term rallies continue to offer sales opportunities to recover the “cheap” US dollar. I have no interest in buying this market.
article was originally published on FX Empire “data-reactid =” 16 “> This article was originally published on FX Empire