Currency analyst

EUR/USD: bears are not discouraged

On the daily chart the attempt of the sellers to break below 1.1 once again didn't succeed. However, the bears are still retain the initiative and keep try pulling  the pair out of 1.1-1.1175 range aiming at 161.8% of AB=CD (1.089) target. the nearest resistance is at 1.1072 (38.2% Fibo of the last descending wave).

On H1 EUR/USD chart resistance at 1.1038 mentioned in the previous article twice stopped the bulls. The pair is currently consolidating in the 1.0987-1.1052 range. Successful test of its upper border will bring the pair up to 1.1074 and 1.1096, break of the lower border will open the way down to 1.089.

Recommendation: hold short positions.

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