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EUR/USD is Bearish While Under 1.12

EUR/USD is Bearish While Under 1.12

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

EUR/USD is Bearish While Under 1.12

Chart Prepared by Jamie Saettele, CMT

Automate trades with Mirror Trader and see ideas on other USD crosses

-Previously comments were “EUR/USD continues to find support at the median line (from slope that originates by connecting the March and April lows)…the tight range will give way to the next directional move but the immediacy of that move is called into question after today’s (10/15) outside bearish reversal, which took place very near the May high.” The recent drop is important because the median line that’s been holding for months has been broken. Price is also back below the 200 day average. Focus is lower while under the median line, which is near 1.12.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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