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USDJPY extends recovery above 123; rising 20SMA key support

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EURUSD The Euro probed above 1.06 barrier, on a bounce from yesterday’s marginally lower low at 1.0556. Current action is seen as consolidation and preceding fresh bears towards initial target at 1.0519 and key med-term support at 1.0461, low of 2015, posted in Mar, in extension. Bearish resumption, on violation of the latter, is seen as likely s/t scenario, as overall bears remain firmly in play. Near-term consolidation faces good resistance at 1.0628, falling daily 10SMA, which is expected

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