EUR/USD: Are we there yet

Denis Joeli Fatiaki Independent Analyst

What happened at the end of last week trading session

EUR/USD: The Euro suffered the same fate as the GBP/USD. The pair continued its done trend towards the end of last week often making small stops at major support points and try to negotiate its way back up but the downward pressure was so extensive that it fails to hold. The Pair ended last week session at 1.14084 just above 1.13950 support

What is going on now

EUR/USD: The Euro started the new session low at 1.13709 and raised to 1.14116 but failed to hold at 1.13950 support and fell to 1.13679. The pair is currently consolidating between 1.13950 and 1.13607 waiting to make its next move.

My thoughts on what may happen

EUR/USD: The pair has reached a technical support price point at around 1.13607 and if it holds at this point then It might start to progress to the upside. However, there is no indication of a change in the direction of the trend yet so it is best to wait until you get confirmation to enter the market.

The short-term view of the price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

The short-term view of the price action in the four-hour price chart highlights the direction of the trend and the support and resistance price points

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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