Forex Marketz Daily Forex News – Fully Markets Update
The EUR/USD moved higher last week after the appearance of a piercing line candlestick. However, my outlook for the euro remains quite bearish. Please refer to the below daily MT 4 chart.
Note the near term resistance at 1.1050. A daily close above this level will challenge the next technical resistance at 1.0455. Should the euro push lower, we have support at 1.8031/1.8030. A daily close below this level will challenge a congestion area at 1.0551 to 1.0455.
Like I said, my outlook remains bearish. From a risk to reward perspective, we are trading too close to a support level, trend line support, for a short euro trade. There are no bullish reversal signs as well. For now, I am monitoring my charts until a clear cut short euro trade materializes in-line with my outlook.