Forex update: resistance is near 1.4325 and a support is at 1.4265
The EUR-USD did find resistance near the 1.4465 mark, rejecting any 1H candle from closing above it over the Wednesday Asian and European sessions. It was Tuesday in the US when Wednesday's morning session started in Asia.
This rally holds as it is creating higher lows and the market in the 1H chart is trading above the 200-Day SMA.
The RSI however is still below 60, this reflects a consolidation period.
The EUR-USD is sliding under 1.4250, and Bearish in the near-term. Usually risk aversion can push EUR-USD lower and disappointing jobs data can bring about risk aversion.
If the market can push below a local pivot at 1.4215 level, we will see our 1st Bearish continuation signal.
Note: this would also break below the 1-H 200-Day SMA.
If the RSI in the 1H chart also falls below 40, there is momentum confirmation.
In the short-term, this Bearish scenario targets 1.4150, with acceleration likely below 1.42, the psych support.
1.4330 should show strong support, but if the market breaks below 1.4328 pivot, that opens up a more aggressive Bearish scenario; important support mark is near 1.4280, so a clear break there is needed to confirm.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.