EUR/USD Price Analysis: Weekly indicators turn bearish

EUR/USD's weekly MACD has turned bearish for the first since May.
Key SMAs have rolled over in favor of the bears.

Omkar Godbole FXStreet Contributor

EUR/USD could extend last week's 1.77% decline, as crucial weekly chart indicators are now reporting bearish conditions.

The MACD histogram, which gauges trend strength and trend changes, has crossed below zero, indicating a bullish-to-bearish trend change. The index has turned negative for the first time since May.

Further, the 5- and 10-week simple moving averages (SMAs) have produced a bearish crossover for the first time since January.

As such, the pair is likely to test the former resistance-turned-support of 1.1495 (March high).

The pair is currently trading at 1.1632, having declined from 1.1872 to 1.1612 last week.

A close above last week's high of 1.1872 is needed to invalidate the bearish bias.

Weekly chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1632
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.1632

Trends
Daily SMA20	1.1806
Daily SMA50	1.1786
Daily SMA100	1.148
Daily SMA200	1.1236

Levels
Previous Daily High	1.1685
Previous Daily Low	1.1612
Previous Weekly High	1.1872
Previous Weekly Low	1.1612
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.164
Daily Fibonacci 61.8%	1.1657
Daily Pivot Point S1	1.1601
Daily Pivot Point S2	1.157
Daily Pivot Point S3	1.1528
Daily Pivot Point R1	1.1674
Daily Pivot Point R2	1.1716
Daily Pivot Point R3	1.1747

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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