EURUSD Bearish On Charts | Forex Analysis
The EURUSD pair bounced slightly during the course of the day on Wednesday, using the 1.1080 level as support. At this point in time, the market is looking bearish. The primary trend of EURUSD is bearish on charts and price is trading below its support trend line in its 1 hourly chart. In its daily chart the price is sustaining below 200 day SMA that are appears on the above image indicating downtrend of the pair. Resistance level 1.1190 and Support level of 1.1080 If it breaks its support level on the downside and sustains below it then we can expect it to show further bearish movement in the pair. INDICATORS:- MACD is sustaining in its negative territory indicating the bearish trend in the pair. RSI is sustaining in its selling zone indicating the upcoming negative trend in the pair. STRATEGY: EURUSD is looking bearish on charts (Daily Forex Technical-Analysis).
EURUSD Setup Operation | Technical Analysis
Spot has recovered the area above 1.1100 the figure although sentiment remains slightly tilted towards the risk aversion, with the greenback in a tepid recovery-mode so far when tracked by the US Dollar Index. The pair is now losing 0.10% at 1.1113 and a break below 1.0913 (post-Brexit low Jun.24) would open the door to 1.0820 (low Mar.10) and finally 1.0709 (low Jan.5). On the other hand, the initial resistance aligns at 1.1128 (high Jun.29) followed by 1.1248 (20-day sma) en route to 1.1279 (55-day sma) (Daily Forex Technical-Analysis).
EURUSD Daily Forex Technical-Analysis
The European common currency surged on Wednesday from 1.1062 to 1.1124 at the end of day’s trading against the US Dollar. This surge is a continuation of a recovery from the huge drop, which occurred after the results of the UK’s referendum on membership in the European Union were published. However, Thursday morning the currency exchange rate has already dropped to 1.11 by 5:00 GMT. In addition, aggregate daily technical indicators forecast a continuation of Euro’s depreciation against the US Dollar.
EURUSD Long | Forex Technical Analysis
The EURUSD pair gapped lower at the open on Monday, and then slammed into the 1.10 level. This is an area that has quite a bit of psychological significance to it though, so it’s not a huge surprise that could’ve offered a little bit of a bounce. At this point in time though, I think that this pair does continue to go lower and short-term rallies should be nice selling opportunities as there are quite a few concerns about the European Union now that the United Kingdom has decided to leave (Daily Forex Technical-Analysis).
Sell EURUSD Triangle Breakout
Euro has continuedto trade within the confines of a well-defined descending median-line formation extending off the yearly high. The Brexit fallout fueled a brief break below parallel-support last week with this week’s opening range low reversing precisely off a sliding parallel extending off the 4/14 low (red). The pair has now filled the Sunday gap to complete a 61.8% extension off the Brexit low at 1.1127. Note that the monthly open comes in at 1.1129.
The rise in the stock markets and the price of oil on Wednesday facilitated a strengthening of the commodity currencies and, via them, the euro. The price of Brent again surpassed the psychological $50.00 per barrel level. A complex correctional formation has formed for the euro/dollar on the hourly. It will last a while whilst it’s not completed on the daily timeframe where it has only just begun.