Euro has responded to confluent downtrend support this week with EUR/USD poised to snap a six-week losing streak.
The immediate focus is on a breakout of the January opening-range (1.02-1.0448) range for guidance with the broader short-bias vulnerable while above parallel support.
Bottom line: rallies would need to be capped by 1.06 IF price is heading lower on this stretch with a close below 1.02 needed to fuel the next major leg of the decline.
Published an in-depth update on this Euro setup earlier today on Forex.com.
-MB
The immediate focus is on a breakout of the January opening-range (1.02-1.0448) range for guidance with the broader short-bias vulnerable while above parallel support.
Bottom line: rallies would need to be capped by 1.06 IF price is heading lower on this stretch with a close below 1.02 needed to fuel the next major leg of the decline.
Published an in-depth update on this Euro setup earlier today on Forex.com.
-MB
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