Cable consolidates above fresh 7-year low; outlook remains negative

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EURUSD The Euro returned above 1.10 handle, after yesterday’s extended dip to 1.0955, where daily 100SMA contained dip. Yesterday’s trading was shaped in long-legged Doji, which signals indecision, as the second attempt to close below 1.10 handle failed. Near-term technicals are mixed and suggest further consolidation, with strong resistance at 1.1046 (200SMA), which capped past two-day action, staying intact for now. Consolidation should be ideally limited by 200SMA, to maintain downtrend

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