Technical Analysis and Outlook:
During the current trading session, the Eurodollar has exhibited notable signs of weakness, ultimately reaching a critical Outer Currency Dip at 1.111, facilitated by Mean Support at 1.119. Following this decline, the market experienced a pronounced rebound. Recent analysis indicates that the Euro will likely close with a retest of the completed Outer Currency Dip at 1.111, while it may progress towards the next Outer Currency Dip at 1.095. It is essential to highlight that upward "dead-cat" rebounds may arise within the current price range, particularly around the Mean Resistance level of 1.125, and could potentially approach an Inner Currency Rally at 1.129.
During the current trading session, the Eurodollar has exhibited notable signs of weakness, ultimately reaching a critical Outer Currency Dip at 1.111, facilitated by Mean Support at 1.119. Following this decline, the market experienced a pronounced rebound. Recent analysis indicates that the Euro will likely close with a retest of the completed Outer Currency Dip at 1.111, while it may progress towards the next Outer Currency Dip at 1.095. It is essential to highlight that upward "dead-cat" rebounds may arise within the current price range, particularly around the Mean Resistance level of 1.125, and could potentially approach an Inner Currency Rally at 1.129.
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.
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.