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Euro Technical Forecast: EUR/USD Bears Defend Yearly-Open Resistance

From forex.com

Euro attempted to breakout of the October opening-range yesterday only to be thwarted the following day with EUR/USD exhausting just ahead of yearly-open resistance. The broader outlook remains tilted to the downside for the Euro with major event risk on tap over the next two-weeks. These are the updated targets and invalidation levels that matter on the EUR/USD weekly technical chart. Technical Outlook: In last month’s Euro Technical Forecast, we noted that EUR/USD had, “stretched into the yearly range lows this week and while the risk remains weighted to the downside, the bears may be vulnerable into the Q4 open. ... (full story)

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  • Category: Technical Analysis