Yesterday’s Euro posted a bearish shooting star candle at the top of the 2-week bull flag which further adds import to the reversal. Another negative development as Euro consolidates the September rally is the breaking of 2 hourly trend lines so far. A close below 1.3517 will confirm yesterday’s reversal and shift our focus towards support and old resistance between 1.3452/62.
S/t, below 1.35 there is little in the way of a move to 1.3462/52. A rally through 1.3540 is necessary to neutralize some of the near-term bearishness. A rally through 1.3588 will confirm that this bull flag consolidation is complete and signal that wave-C higher is underway. Levels: Support – 1.3508, 1.3462/52, 1.3416 Resistance – 1.3540, 1.3588, 1.3711
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