The EUR/USD pair has failed three times in the last five days to close above 1.19.
On Thursday, the currency pair clocked a high of 1.1916 but settled at 1.1876. Similar price action was observed on Wednesday and last Friday.
The repeated rejection above 1.19 validates the overbought reading on the 14-day relative strength index and suggests the ebbing of bullish momentum. A similar message is being echoed by Thursday’s spinning top candle – the one with long wicks and a small body.
As such, the pair could chart a notable pullback in the short-term. Key support is located at 1.1696 (Aug. 3 low), which if breached, would invalidate a higher lows setup on the daily chart and yield a decline to 1.1422 (June 10 high).
A close above 1.19 is needed to restore the bullish view.
Daily chart
Reprinted from Fxstreet, the copyright all reserved by the original author.
风险提示：本文所述仅代表作者个人观点，不代表 Followme 的官方立场。Followme 不对内容的准确性、完整性或可靠性作出任何保证，对于基于该内容所采取的任何行为，不承担任何责任，除非另有书面明确说明。
暂无评论，立马抢沙发