Daily Forex Technicals |
Written by Windsor Brokers Ltd |
Nov 18 16 10:10 GMT
The single currency fell further on Friday, extending steep descend post US elections, as bearish candle of 09 Nov with very long upper shadow that also marked strong rejection above daily cloud, continues to heavily weigh on near term outlook. Friday’s fresh weakness probed below 1.0600 handle and posted new yearly low at 1.0580, on approach to critical supports at 1.0519/1.0461 (lows of Dec/Mar 2015), the lowest levels since 2003.
The Euro maintains strong bearish sentiment and so far ignores oversold conditions on daily studies, being on track for the second strong bearish weekly close.
Selling upticks remains favored for final attack at 1.0500 zone. Session high at 1.0627 marks immediate resistance, with 1.0744/58 (highs of Thu/Wed) marking next barriers which should be capping upticks.
Res: 1.0627, 1.0700, 1.0744, 1.0758
Sup: 1.0580, 1.0519, 1.0500, 1.0461
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EURUSD - Extension Of Steep Descend Approaches Critical Supports At 1.0519/1.0461
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