You are here: Home > articles > Forex > Technical Analysis – EURUSD neutral to bearish in short-term
Technical Analysis – EURUSD neutral to bearish in short-term
October 15, 2018 7:26 amVideo
Latest News
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
- Trading plan for EUR/USD on April 17. Simple tips for beginners April 17, 2024
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
- Forecast for EUR/USD on April 17, 2024 April 17, 2024
- Forecast for GBP/USD on April 17, 2024 April 17, 2024
- Forecast for USD/JPY on April 17, 2024 April 17, 2024
EURUSD found resistance at 1.1600 on Friday, turning back inside the Ichimoku cloud and under its 20 and 50-day (simple) moving averages (MA) early on Monday. The short-term bias looks neutral to bearish as the RSI moves sideways around its 50-neutral mark and the MACD is fluctuating in negative territory but close to its red signal line. The stochastics, though, are near overbought levels and are set to reverse south, suggesting that negative corrections are possible.
Should the price weaken, the 1.1500 round level could offer nearby support as it did in May and in June. Below that, the 3-week low of 1.1431 registered last week should come into view before eyes turn to the 1.1400 psychological level. If the latter fails to halt downside movements, traders would be interested to see whether bears are able to crash the wall around the one-year low of 1.1300, resuming the long term downleg from 1.2554 (February 2018).
Alternatively, if the market manages to jump above the 23.6% Fibonacci of the downleg from 1.2412 to 1.1300, immediate resistance could appear at 1.1600. Even higher, the area between the 38.2% Fibonacci of 1.1724 and 1.1800 where the price reached a peak several times from the end of May onwards could restrict bullish actions once again. If bulls successfully violate that zone too and more importantly pierce September’s top at 1.1814, the door should open for the 50% Fibonacci of 1.1854.
In the medium-term picture, EURUSD maintains a neutral outlook within the 1.1854-1.1300 range over the past three months. Any violation at the upper bound of the range would shift the picture to bullish, while any close below the lower boundary would switch the market’s profile into a bearish one.
Related Posts: