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EURUSD – Hits Intra-day Resistance, But Finds Bid at 1.18 (1hr chart)
Continuing the bear trend as we’ve been writing about, the Euro sold lower from another role reversal level around 1.1881, then dropping straight for the 1.18 figure. From here the pair bounced a bit and held a light bid post FOMC.
For now, intra-day resistance comes in at 1.1881 so this will be a short term barrier intra-day tomorrow. Beyond this, there is the next role reversal level around 1.1957/75 which we talked about in prior commentaries.
Only a daily close above the latter will change the bearish bias short term.
