By Christopher Romano — Apr 11 - 12:20 PM
April 8 long legged doji followed by a rally to being this week
EUR/USD probed 1.1945/55 which is old support turned into resistance
Sellers emerged & gains were erased, pair now flat on the session
A daily inverted hammer candle formed, daily RSI near falling again
Monthly RSI falling, implies longer-term downward momentum remains
Test of support near 1.0800 seems likely, stops likely trigger on break
EUR/USD shorts then to set their sights on the 2020 yearly low at 1.0636
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Source:
Refinitiv IFR Research/Market Commentary