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EURUSD probes above 1.10, 200SMA expected to cap correction

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURUSD Bounce from near-term base that is forming at 1.09 zone, cracks psychological 1.10 resistance, on extended recovery, triggered by week-end profit-taking. The notion is supported by daily slow Stochastic that reverses from oversold territory and gives bullish signal. However, limited upside action is expected, ahead of fresh leg lower, as overall structure remains bearish and initial signal of more significant downside extension, was given by cracking monthly bearish wedge pattern’s

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