Euro on the Edge of a Reversal
Euro hit technical resistance, but there are no guarantees it will reverse down. I usually refer to the price hitting the level three as a Triple Top chart pattern, but now I can see that bears are weak, and so is the downside pressure. On the weekly chart, the price touches the 200 EMA, which means that in the range of 1.10-1.11 it can form a downside reversal. On the daily chart, “absorption” has emerged, but in order to go short the reaction of large players and the beginning of the lower highs should be monitored. Otherwise, if the price goes above 1.1050, it may continue up 1.11-1.12.
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