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EUR/USD Bearish Technical Pattern Developing

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  • 2 weeks later...
On 17/11/2022 at 12:48, RCtrader said:

Okay! This time we are going down for sure. :)
Is it time for a U-turn? Are bulls losing steam?

Euro Dollar Outlook: EUR/USD Wrestles with Resistance at Prior Support
Nov 29, 2022 | DailyFX
Tammy Da Costa, Analyst

Euro Dollar Outlook: EUR/USD Wrestles with Resistance at Prior Support

EUR/USD Technical Analysis

With the major currency pair rising above parity (meaning EUR/USD trades at 1.00), surge in bullish momentum has driven price action to a monthly high of 1.0497. As psychological resistance holds at 1.050, the long upper wick of yesterday’s candle illustrates a strong zone of technical resistance.

A rejection of resistance allowed bears to drive price action lower before reaching a low of 1.033 (at the time of writing). As the daily chart below highlights the manner in which the 1.0350 handle has helped cap the upside move in the past and may continue to do so.

With this psychological level coming into play back in May, August and earlier this month, a hold above this level could drive prices higher with the next big level at 1.050.

EUR/USD Daily Chart

Graphical user interface, chart, histogram  Description automatically generated

Chart prepared by Tammy Da Costa using TradingView

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