You are here: Home > articles > Forex > Technical Analysis – EURUSD penetrates long-term ascending trend line; still stands in symmetrical triangle in near-term
Technical Analysis – EURUSD penetrates long-term ascending trend line; still stands in symmetrical triangle in near-term
April 23, 2018 7:26 amVideo
Latest News
- Analysis for GBP/USD on April 16th. The pound should not count on support from Powell April 16, 2024
- Analysis for EUR/USD on April 16th. The southern trend has been put on pause for correction April 16, 2024
- USD/JPY: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
EURUSD has been underperforming in the past two days, breaking below the long-term ascending trend line, which has been holding since March 2017. However, the single currency is still standing in the symmetrical triangle formation against the greenback as it finished the day around the 1.2250 price level, near the lower boundary.
In the daily timeframe, the RSI indicator is currently increasing negative momentum below the threshold of 50, while the MACD oscillator is slowing down in positive zone and created a bearish crossover with its trigger line. Both are hinting that the next move in prices is likely to be on the downside rather than on upside. Also, the pair is developing well below the 20- and 40-simple moving averages.
Should the market extend losses and slip below the triangle pattern, the main bullish trend in the medium term could shift to bearish. Support could be met near the 1.2220 barrier, which holds near the lower band of the triangle. A significant leg below this level could send prices towards the 1.2160 level, taken from the low in March.
Conversely, if the pair bounces up, immediate resistance could be provided by the 20- and 40-SMAs around 1.2320. In case of more advances, the pair could touch the upper band of the pattern near 1.2412, which is near the peak of April 17. A jump above this strong resistance level could open the way towards the 1.2470, taken from the peak on March 27.
Related Posts: