The Euro appears to have a trend unfolding against the US Dollar, but ranges might be in play against the Japanese Yen and British pound. Where to for EUR/USD, EUR/JPY and EUR/GBP?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.tried to break the topside of a descending trend channel last week but was unsuccessful and the channel remains in play for now.
A break above the trend line may see nearby resistance at the breakpoints and previous highs near 1.0620, 1.0640 and 1.0675.A bearish triple moving average formation requires the price to be below the short-term SMA, the latter to be below the medium-term SMA and the medium-term SMA to be below the long-term SMA. All SMAs also need to have a negative gradient.
On the downside, support might lie near the breakpoints and lows of early 2023 that were tested at the start of this month with 1.0480 and 1.0440 as potential levels of note.appears to have settled back into its recent range after rejecting the move lower a fortnight ago when it traded down to a three-month low of 154.39.This may provide opportunities for A range trading strategy. To learn more about range trading, click on the banner below.
The 10-, 21-, 34-, 55- and 100-day SMAs are all grouped together between 0.8596 and 0.8653 potentially re-affirming the range trade environment for the time being.
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