- EUR/USD has printed a daily below 1.10 for the first time in four months.
- Wednesday's bearish marubozu indicates the sell-off has legs.
EUR/USD found acceptance below 1.10 on Tuesday – its first daily close below the psychological support since Oct. 10.
The psychological support was breached with a bearish marubozu candle, which comprises of little or no wick and a long body – a sign of strong bearish sentiment.
As a result, the latest decline below 1.10 looks to have legs, more so, as the 14-day relative strength index is reporting bearish conditions with a below-50 print and the 5- and 10-day averages are trending south.
The pair looks set to challenge support at 1.0981 (Nov. 29 low). Acceptance under that could cause more sellers to join the market, yielding a deeper drop toward 1.09. On the higher side, a close above marubozu's high of 1.1048 is needed to invalidate bearish pressures.
|Today last price||1.1|
|Today Daily Change||0.0002|
|Today Daily Change %||0.02|
|Today daily open||1.0998|
|Previous Daily High||1.1048|
|Previous Daily Low||1.0994|
|Previous Weekly High||1.1092|
|Previous Weekly Low||1.0992|
|Previous Monthly High||1.1225|
|Previous Monthly Low||1.0992|
|Daily Fibonacci 38.2%||1.1015|
|Daily Fibonacci 61.8%||1.1027|
|Daily Pivot Point S1||1.0979|
|Daily Pivot Point S2||1.0959|
|Daily Pivot Point S3||1.0925|
|Daily Pivot Point R1||1.1033|
|Daily Pivot Point R2||1.1067|
|Daily Pivot Point R3||1.1087|
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