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.
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