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EURUSD Technical Analysis: Rejected by 200-DMA Again

ChuChu Rocket, Mon Mar 25, 2019 1:49 am

mlawson71 wrote: Sat Mar 23, 2019 2:01 am

I was thinking about that but I didn't. Not because I didn't want to but because I had internet connection issues for the past 10 hours. And good thing that happened because look at that new drop to 1.1275. :shock:
Phew. Good thing you held out.
Here is the forecast for this week.

Euro Weekly Technical Outlook: EURUSD Rejected by 200-DMA Again


The 200-day moving average refuses to yield to any EURUSD uptick and for the third time this year sent the pair lower after being challenged. EURUSD now trades back below the 20- and 50-day moving averages as well and currently trades either side of the 1.1300 line, and area that prompted rebounds over the last 4-5 months. While this area has been broken before, it remains to be seen if EURUSD will move lower again, especially as Wednesday’s high broke a pattern of lower highs for the first time this year, taking one negative technical indicator off the table. A confirmation that the pair are losing downside momentum would be confirmed if the March 7 low at 1.1176 remains in place, sparking a bullish higher low. Horizontal support kicks-in at 1.1232 (February 15) before 1.1215 (November 12, 2018). Initial resistance between 1.1320 and 1.1350.

Source: https://www.dailyfx.com/forex/technical ... Again.html
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