The euro
versus the Dollar has lost its bullish momentum once it got to the 1.2000 zone
and pulls back to the 1.1800 level. Right now the 1.1800 level could act as
support, because it was resistance in the past. On the daily chart of the
EUR/USD we can also see that the 55 day EMA is very close to the 1.1800 level
and could contribute to make that zone a very good support for the pair. Below
the 1.1800 level, the most important supports are at the 1.1700 level and the
1.1600 level, along with the 200 day EMA. The stochastics still have a lot of
space to keep falling, therefore the price of the EUR/USD may drop some more.
To the upside, the most important resistance is at the 1.2000 level and the
1.2100 level.
The support seems to be holding, but for how long?
ReplyDeleteIt's quite bearish for now.
ReplyDeleteI'll keep your assessment in mind.
ReplyDeleteThe pair is moving lower.
ReplyDeleteThe pair broke below 1.18 level, maintain it's bearish momentum.
ReplyDeleteImportant levels to keep in mind!
ReplyDeleteThank you for the analysis i'll keep an eye on the currency.
ReplyDelete