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Technical Analysis – EURUSD exposed to selling appetite; eyes on 1.1100
July 21, 2023 1:28 pmVideo
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EURUSD changed course to the downside after its latest rocket rally peaked at a 17-month high of 1.1275 and near the support-turned-resistance trendline from November 2022.
The pair is currently trading around Thursday’s close price of 1.1128 and marginally above its previous high of 1.1094. The 23.6% Fibonacci retracement of the 1.0634-1.1275 upleg at 1.1123 is adding extra credence to the region, but further declines could be on the cards as the RSI and the Stochastic oscillator have exited the overbought territory and are trending south.
If the bears press the price below the 1.1100 psychological mark, the sell-off may worsen towards the 20-day exponential moving average (EMA) at 1.1055 and the 38.2% Fibonacci of 1.1030. An extension below the 1.1000 number could clear the way towards the 50% Fibonacci of 1.0955, where the 50-day EMA is located. Concerns of a bearish trend reversal could kick in lower and below the support trendline from September 2022 at 1.0880. Interestingly, the 61.8% Fibonacci mark happens to be in the same region.
In the event the 1.1123 base stands firm, the price may turn up to test the line that joins the highs from February and April at 1.1160. A successful move higher could give the green light for another advance towards the ascending line at 1.1288, unless the 1.1230 barrier halts the rally beforehand. If the pair extends its broad upward trajectory, the next challenge could occur around 1.1365.
All in all, the short-term outlook for EURUSD is looking gloomy at the moment, increasing the risk for another downleg as soon as the price slides below 1.1100.
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