Technical Analysis for EURUSD (Daily)

Technical Analysis for EURUSD (Daily)




The USD closed the week with a firm tone against most of its peers, mostly weighed by the nonevent that was the ECB meeting.

The EURUSD pair closed the week a couple of pips above the 38.2% Fibo retracement of its latest Bullish run between 1.0821 and 1.1464, and is technically poised to extend its decline as in the daily, the indicators maintain strong Bearish slopes below their mid-lines, and the price has remained below a now Bearish 20-Day SMA, around 1.1330/40, also a strong resistance area.

In the same chart, the 100-Day MA heads North around 1.1100, a possible Bearish target should the price extend its decline.

In the 4 hours, the technical indicators have lost their Bearish strength inside oversold territory, and the single currency  price stands below all of its MA’s, indicating recoveries will likely be corrective, and opportunities to sell.

Support marks:1.1220 1.1160 1.1120
Resistance marks: 1.1280 1.1315 1.1340

Have a terrific week.

Paul Ebeling

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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