EUR/USD:SELL From Resistance Area Bearish Flag 61.8% FIBO SHORT

25 oct 2022

EUR/USD Yesterday after the release of the USD Flash Services PMI, the Purchasing Managers' Index this time negative compared with the forecast, the EUR take advantage creating another bullish impulse, inside the Bearish Flag this takes the name of leg or wave inside of it. As you can see the price struggling inside this bearish pattern of continuation doing this morning a new reversal on the upper side of the pattern trend line, working this last like a resistance. The price is still inside an area of inversion, a resistance area ( White rectangle ) and the rejection happened on the dynamic trend line around 61.8% FIBO level. The stochastic still bearish and our vision still in favor for a downtrend continuation.

25 oct 2022

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