Forex Trading: EUR/USD Testing Resistance Again
The EUR/USD is again has tested the descending trendline resistance we examined yesterday on the 4-hr chart, with the 4-200hr moving average directly above that line and the 1.37 handle. The trendline had held yesterday and the pair is continuing to test it early in the Asian session. The signals on this chart might suggest a break through as the moves lower from the last few hits have been less significant than the ones before.
However on the daily chart we this is the 10 daily attempt at the trendline with some bearish signals as the 100 day moving average is about to move below the 200 day mavg.
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