Watch out for Bearish Signals, EUR/USD Retraces Below $1.1100!
<p> As the warning has been given, investors witness changes in the current market movements, especially involving the US dollar currency.</p><p><br /></p><p>After moving weakly since last week and continuing into this week, the US dollar began to recover on Thursday yesterday to reduce some of the previous sustained losses.</p><p><br /></p><p>Other major currencies in the market were again pressured to decline again changing the previous movement pattern including the Euro.</p><p><br /></p><p>The euro has pulled back again after hitting a fresh 5-month high against the US dollar this week.</p><p><br /></p><p>On the EUR/USD pair chart, the bullish price that continued past the 1.11000 level has reached a 5-month high around 1.11400 in the European session yesterday.</p><p><br /></p><p>However, continuing on the New York session, the price displayed a dive reaching 1.10600 at the end of the session recording a daily decrease of around 80 pips.</p><p><br /></p><p>Start warning of a bearish trend change when the price has returned to move below the Moving Average 50 (MA50) obstacle line on the 1-hour time frame on the chart.</p><p><br /></p><p><br /></p><p>If the price fails to retrace the 1.11000 level, a further decline could occur at the close of the last trading day for the year.</p><p><br /></p><p>The target is for the price to fall back to the 1.10000 level if the US dollar manages to maintain its strength better.</p><p><br /></p><p>However, if the US dollar resumes its decline, the price is likely to climb back above the 1.11000 level.</p><p><br /></p><p>Next, yesterday's high level is expected to be overcome before the price records a new high level again before the 2023 trading curtain is anchored.</p><p><br /></p><p>The 1.12000 level is still a target to be reached on the expectation that the price will continue to rise after this.</p>
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