Technical Analysis for EUR/USD (Daily)

Technical Analysis for EUR/USD (Daily)



Risk aversion led the way Monday, after Crude Oil producers failed to reach an agreement at the Doha meet.

The single currency was unable to run and held below 1.1330, that the base of the range that contained price for much of the last 2 weeks.

The EUR/USD technical outlook

There is little to work with in here despite the USD moving lower, EUR/USD remains below the Key short term resistance.

In the 4 hours the price has managed to recover above its 20-Day SMA at 1.1270, although it was unable to detach from the 23.6% Fibo retracement of the latest daily Bull run.

The technical indicators in that  frame, have crossed above their mid-lines, but lost upward power. The lack of momentum suggests that EUR Bulls are stepping aside ahead of the ECB meeting Thursday expecting the pair to stay range bound during the upcoming hours, between 1.1220, the 38.2% Fibo retracement of the mentioned rally and .1380.

Support marks:1.1270 1.1235 1.1200
Resistance marks: 1.1335 1.1380 1.1420

Stay tuned…

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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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