EURUSD Forecast And Technical Overview
Pair / Instrument:EURUSD
Fundamentals:Better than expected US Jobs and Earnings data. Mixed EUR Data.
Weekly Chart: Bearish.
The pair is below all main Moving Avarages. Trading in the lower Bollinger Bands.
Daily Chart: Bearish.
EURUSD ended the week below EMA 50, 100 and 200.RSI headed south, moving to negative territory. Testing the median line – SMA 20 – of the Bollinger Bands.
H4 Chart: Bearish
The pair ented the week above EMA 50, SMA 100 and SMA 200. RSI headed south and moved into the bearish territory.
Hourly Chart: Bearish
Intraday Key Levels:
Upside: 1.16000 1.16250 1.16570 1.16800
Downside: 1.15300 1.15050 1.14430
Chart Patterns:We see a triangle pattern on the H4 Chart. 1.15300 is the base line of the triangle. Break below the baseline will trigger the bearish move. If the pair fails to break below 1.15300, it is likely to test the upper line of the triangle.
Our Comments: 1.15300 is the key level. Midterm bearish pressure will remain as long as the pair holds below 17200.EURUSD needs to make convincing daily closings above 1.17200 to talk about a midterm trend reversal.
Trade Opportunities: Our last trade was “short” targeting 1.15300. Trade generated 70 pips so far. We will update it for the members according the reaction of the pair at the target. You can view the trade idea: EURUSD Head And Shoulders.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
EURUSD Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility