20 August 2020, 12:56  EUR/USD breaks above key resistance at 1.1916/26

EUR/USD has seen an abject failure to hold its break above key resistance at 1.1916/26, with daily RSI and MACD momentum never confirming the new highs. Therefore, economists at Credit Suisse are set for a more protracted consolidation phase. The immediate risk is seen lower with support at 1.1811 then 1.1783/78. “EUR/USD has seen an abrupt reversal and rejection of its break to new cycle highs above 1.1916/26 and with daily RSI and MACD momentum having failed to even make new highs and thus hold bearish divergences, this suggests it has been too soon to look for a direct resumption of the uptrend and instead it looks like we are set for a more protracted corrective phase prior to the uptrend resuming.”

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