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EURUSD and the resistance rejection we have been waiting for

EURUSD Tech analysis by Simon Kazinsky on 05:31 March 22, 2019 EST

When one is looking at a weekly chart things can move pretty slow, particularly if the instrument is in a consolidation stage.

But the wait is over on the EURUSD weekly chart and the moving average on it that has capped up to 3 previous tests served as a ceiling once again. The reversal has been pretty dramatic as probably many traders have been waiting for the same to pile on the long term downtrend.

My short to medium term target is around 1.07 to close a gap made during the reversal from the low at 1.04 made in december 2016 (time flies).

Retail traders are between 50 and 66% long this pair according to data from different brokers which adds confidence to the bearish bias.

Check our previous technical analysis for EURUSD or a list of all our technical analysis.