Technical Analysis and Outlook:
During this week's trading session, the Eurodollar has encountered a significant decline, dipping below the Mean Support level of 1.149; however, it exhibited a modest recovery on Friday. Recent analyses indicate that the Euro is likely to decrease further to the Mean Support level of 1.148, with the potential for extending its bearish trend to reach 1.140. Nevertheless, there remains a possibility that the current recovery will persist, which could result in price movements targeting the Key Resistance level at 1.158 and potentially leading to a retest of the Outer Currency Rally's 1.163 mark.
During this week's trading session, the Eurodollar has encountered a significant decline, dipping below the Mean Support level of 1.149; however, it exhibited a modest recovery on Friday. Recent analyses indicate that the Euro is likely to decrease further to the Mean Support level of 1.148, with the potential for extending its bearish trend to reach 1.140. Nevertheless, there remains a possibility that the current recovery will persist, which could result in price movements targeting the Key Resistance level at 1.158 and potentially leading to a retest of the Outer Currency Rally's 1.163 mark.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.