Euro comeback falling short of confirming a mid-term bullish continuation EUR EURUSD $EUR $EURUSD
advance within negative levels, recovering from extreme oversold readings but still far below their midlines. At the same time, the pair develops below all of its moving averages, with the 20 SMA heading firmly south at around 1.0960.
Buyers have been defending the downside around the 38.2% retracement of the aforementioned slide at 1.0670. The pair briefly pierced the level before bouncing back. Another attempt below the level will likely spook bulls and expose the next Fibonacci support at 1.0545. The Overview chart shows that the bearish case is losing adepts. The weekly moving average is bullish, while the longer ones have turned flat. In the monthly perspective, however, more targets accumulate around or below the current target, while the favored range in the wider view is 1.0400/1.0800. Chances of a recovery beyond the 1.1000 level remain out of sight as only a few polled analysts anticipate such a recovery.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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