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Aussie at the back foot and back into daily cloud after double upside rejection

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURUSD Yesterday’s fresh acceleration lower, took out strong support at 1.0895, which acted as near-term base and further bearish extension met next target at 1.0844, 05 Aug low. Strong bearish signal was given on final break and close below weekly bull-trendline off 1.0461 low, also monthly bearish wedge pattern support. Next strong support lies at 1.08 zone, multi-month consolidation low, below which there will be no significant obstacles en-route towards key med-term support at 1.046, 13

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