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Aug 11 - 02:55 AM

EUR/USD - FX Traders Might Consider Fading 10DMA

By Peter Stoneham  —  Aug 11 - 02:10 AM
  • Friday's bearish engulfing candle confirmed: drop under 1.1695 the risk

  • Fading the 10DMA-Tenkan line, 1.1800-1.1805, a possible strategy

  • 14-day positive momentum beginning to fade but RSI stalling at 61.00

  • First close Monday below the daily Tenkan line since June adds to bear risk

  • Fibos off Jun-Aug 1.1168-1.1916 are at 1.1630 and 1.1542, 38.2%-50%

  • Pivotal support levels for Tues 1.1695, Aug 3 low, and 1.1661 21DMA

  • Potential bearish engulfing line on weeklies holding after last week's doji






EUR/USD Trader

EUR/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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