Nov 16, 2020

Chart of the Day: EUR/USD – Wall of Selling as Euro Tests 1.1865

A wall of selling greeted the euro when it poked above $1.19 last week. Follow-through selling saw it dip below $1.1750 in the middle of the week before new buying emerged. It finished the week above the midpoint of the $1.16-$1.20 five-month trading range. The MACD is slowly rising from its trough, the Slow Stochastics have turned down. The resistance at $1.1835-$1.1845 got breached on morning trading but 1.1865 still posses a big resistance for the Euro bulls with major rejection.

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