The first two days of the new week started with an upswing. Yesterday, buyers found a resistance that can be very important for the mid-term situation on the EUR/USD. It is the upper blue line and it is at 1.3450. We can see that this level was well respected in the last week. Today’s session starts with a second breakout attempt, but as we can see, it failed. This leads us to the chance of a further downswing according to the market theory that if the price tries something twice and fails, it starts the movement in the opposite direction.
EUR/USD Hour Chart" title="EUR/USD Hour Chart" width="859" height="408">
On the other hand, we have two positive things for buyers. The first one is that the price broke the mid-term bearish trendline (red). The second one is that the price is currently above the 38.2 Fibonacci which shows the potential bearish retracement of the recent uptrend. As we speak, buyers are using this area as a support to create another attack on the 1.3450 level.
Sentiment is neutral. We will be able to switch into bearish once the price breaks the lower blue line connecting recent higher lows and the 38.2 Fibonacci level. Moreover, the buy signal will be triggered once the price breaks the 1.3450 resistance.
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EUR/USD Retracing Recent Downswing
Published 11/13/2013, 06:26 AM
Updated 01/31/2022, 02:45 AM
EUR/USD Retracing Recent Downswing
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