On Friday's EurUsd market commentary, I've written that the 1.0750-1.0760 zone is strong resistance for the pair and a break above could lead to gains towards 1.0850 and to a change of medium-term downtrend.
The pair, indeed reversed from that zone, but what should have been a correction is looking more and more that a resumption of the move started in mid-April.
Technically also a bearish move is more likely with this reversal from the 1.0750 zone, a zone that acted as support of resistance in the last year and also as strong support back in 2020.
Also, with the price under both 50 MA and 100 MA, a bearish move is more likely.
In conclusion, as long as 1.08 is intact, I'm looking to sell rallies.
The pair, indeed reversed from that zone, but what should have been a correction is looking more and more that a resumption of the move started in mid-April.
Technically also a bearish move is more likely with this reversal from the 1.0750 zone, a zone that acted as support of resistance in the last year and also as strong support back in 2020.
Also, with the price under both 50 MA and 100 MA, a bearish move is more likely.
In conclusion, as long as 1.08 is intact, I'm looking to sell rallies.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.