EUR/USD: Euro pulled back below its 500 EMA

Denis Joeli Fatiaki Independent Analyst

EUR/USD: Euro pulled back below its 500 EMA; resistance at 1.13610

What is going on now with EUR/USD?

EUR/USD: The Euro failed to continue at 1.14367 resistance as highlighted in yesterdays update and fell to 1.14155 support. The pair attempted to head back up during the European session but failed at 1.14255 and triggered a sell-off, taking out three of my estimated short sell targets at 1.13960, 1.13810, and 1.13610.

Our forecast

EUR/USD: The Euro has fallen below its 500 EMA and 1.13610 in the 60 minutes price chart and currently trades at 1.13535. The pair needs to break and remain above 1.13160 to head back to the upside. The Euro could continue down to 1.13270 if it fails to hold at 1.13430 and 1.13185.

Support/short - 1.13430, 1.13270,1.13185, and1.13065

Resistance/Long - 1.13610, 1.13810, 1.13960,and 1.14155

Chart 1: The short-term view of the EUR/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the EUR/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

We explain the market movements and its potential next move to help and guide you to possibly make the right decision on when to enter, apply to stop losses to protect your capital, take profit and exit your position.

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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