EUR/USD Technical Analysis: Set-up favors bearish traders, dovish ECB message awaited for confirmation
|• Barring a couple of knee-jerk reactions, the pair has been steadily recovering along an ascending trend-channel formation on intraday charts.
• Given this week's slide, the mentioned channel now seemed to constitute towards the formation of a bearish continuation flag chart pattern.
• Oscillators on the 1-hourly chart have just started recovering from the negative territory but maintained their bearish bias on 4-hourly/daily charts.
• The set-up clearly remains tilted in favor of bearish traders, which will be reaffirmed on a sustained break through the 1.1300-1.1290 support area.
However, a sustained move beyond the trend-channel hurdle, also nearly 100-hour SMA would •negate the bearish set-up and trigger a short-covering move.
EUR/USD
Overview:
Today Last Price: 1.1312
Today Daily change %: 0.01%
Today Daily Open: 1.1311
Trends:
Daily SMA20: 1.1331
Daily SMA50: 1.1387
Daily SMA100: 1.1381
Daily SMA200: 1.1504
Levels:
Previous Daily High: 1.1326
Previous Daily Low: 1.1285
Previous Weekly High: 1.1422
Previous Weekly Low: 1.1328
Previous Monthly High: 1.1489
Previous Monthly Low: 1.1234
Daily Fibonacci 38.2%: 1.131
Daily Fibonacci 61.8%: 1.1301
Daily Pivot Point S1: 1.1289
Daily Pivot Point S2: 1.1267
Daily Pivot Point S3: 1.1249
Daily Pivot Point R1: 1.1329
Daily Pivot Point R2: 1.1348
Daily Pivot Point R3: 1.1369
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