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Jan 06 - 02:55 AM

EUR/USD - Weekly Action Highlights Bearish Risk

By Peter Stoneham  —  Jan 06 - 02:25 AM
  • Set to test a minimum correction level at 1.0499, 23.6% of 0.9730-1.0737

  • A bearish 10DMA-21DMA cross also on the cards as the EUR loses traction

  • Weeklies just a pip away from a bearish engulfing candle

  • Double top at 1.0715 with Dec. 15 high at 1.0737 behind

  • Daily momentum readings have flipped to negative and RSI confirming drop

  • Close below the weekly cloud base, 1.0547, to add to bearish risk

  • Bears can target the 10-day moving average at 1.0454

    For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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