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EURUSD Tests Support Turned Resistance at 1.1670
The EURUSD is in the process of testing former support at 1.1670 as new resistance. It took the single currency five days to do so following the October 26 close below the 1.1670 handle. Today’s retest puts sellers in the hot seat. As long as they maintain sub 1.1670 prices into today’s close at 5 pm EST, the bearish outlook we’ve been discussing will remain in play. However, if the EURUSD closes the day above the level, all bets are off for a move lower. It would also negate the head and shoulders pattern that has been developing over the past three months. It’s moments like this when the daily charts become essential. ... (full story)
- Posted: Nov 2, 2017 12:12pm
- Submitted by:Category: Technical AnalysisComments: 1 / Views: 1,449