On Friday, Euro consolidated at 1.1220. The European Central Bank released the minutes of its October meeting
on Thursday, showing that due to high uncertainty about how inflation may develop, the central bank must retain sufficient policy options after the key meeting in December. A record surplus of cash is distorting European currency markets.
Technically, Euro’s daily candle closed bullish, but Euro is in an obvious downwards trend. H4 graph shows the formation of a downward channel, EURUSD is under pressure from MA22, BOLL went flat, and RSI rebounded near 37. Overall, prioritise operation within fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point is near 1.1200.
Resistance：1.1250-1.1280-1.1300
Support：1.1200-1.1180-1.1150
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice