EUR/USD’s inability to capitalize on the intraday move beyond a one-year-old descending trend-channel suggests that the recent bullish run might have already started losing, in the opinion of Haresh Menghani from FXStreet. Key quotes “Slightly overbought conditions on the daily chart support prospects for some long-unwinding trade.” “Some near-term fall, back towards challenging the very important 200-day SMA near the 1.1100 mark, now looks a distinct possibility. Any subsequent slide might still be seen as a buying opportunity and should remain limited near 100-day SMA support near the 1.1055 region.” “On the flip side, the top end of the mentioned trend-channel, currently near the 1.1180 region, now seems to act as immediate resistance. This is closely followed by 23.6% Fibonacci level of the 1.2556-1.0778 downfall, around the 1.1200 mark, which if cleared decisively might be seen as a fresh trigger for bullish traders.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold eases from weekly tops, down little around $1635 level FX Street 3 years EUR/USD’s inability to capitalize on the intraday move beyond a one-year-old descending trend-channel suggests that the recent bullish run might have already started losing, in the opinion of Haresh Menghani from FXStreet. Key quotes “Slightly overbought conditions on the daily chart support prospects for some long-unwinding trade.” “Some near-term fall, back towards challenging the very important 200-day SMA near the 1.1100 mark, now looks a distinct possibility. Any subsequent slide might still be seen as a buying opportunity and should remain limited near 100-day SMA support near the 1.1055 region.” “On the flip side, the top end of the mentioned… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
