EUR/USD confirms bearish momentum, targets 1.1749 [Video]

The EUR/USD pair continued its bearish momentum on Wednesday, confirming a break below the neckline of a double-top chart pattern, and entering inside the daily Ichimoku cloud. The next support level is at 1.1749 followed by 1.1588. On the economic calendar today we have the Swiss Unemployment Rate (NOV) at 6:45 AM GMT, followed by German Industrial Production s.a. (MoM) (OCT) at 7 AM. Euro-Zone Government Expenditure (QoQ) (3Q) will be up next at 10 AM, expected to drop to 0.3% from the previous 0.5%. During the New York session, the US weekly Initial Jobless Claims will be out at 1:30 pm GMT. Next, at 4 PM, we have yet another event that could shake the EUR crosses. ECB’s Mario Draghi holds a conference in Frankfurt. A more hawkish than expected tone could support the EUR/USD pair, while any signs of uncertainty could push it towards our key support levels. Thanks for watching, invest responsibly, and I wish you the best of luck making pips by trading forex.

 


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