Euro Set to Break 2-Month Vary High?
EUR/USD TECHNICAL ANALYSIS: BEARISH
- Euro making an attempt to interrupt 2-month vary high close to 1.10 determine
- RSI divergence on near-term charts warns momentum fading
- Dealer sentiment research warning of bearish positioning shift
The Euro is again to testing now-familiar vary resistance within the 1.0992-1.1009 space, a barrier capping upside progress since early April. Securing a breakout on a day by day closing foundation appears to initially open the door for a check of the March 27 swing excessive at 1.1147.
Alternatively, a reversal that brings EUR/USD under vary midline assist is at 1.0891 places the formation’s ground within the 1.0768-78 zone into focus. Breaking under that may double as a breach of rising trendline support, a transfer which will mark longer-term down pattern resumption. The March low at 1.0636 follows.
Zooming in to the four-hour chart suggests EUR/USD could also be heading in the right direction to interrupt increased already. Seen by this lens, costs have already managed to…