- EUR/USD has breached trendline rising from the Oct. 1 low.
- The breakdown is backed by the bearish cross of key moving averages.
EUR/USD is looking south, having breached key diagonal and horizontal support levels on Friday.
The pair closed at 1.1079 on Friday, confirming a downside break of the ascending trendline connecting Oct. 1 and Oct. 15 lows. The pair has also violated support at 1.1110 (Sept. 13 low).
The breakdown of the crucial support level is backed by a bearish crossover of the 5- and 10-day moving averages and lower highs on the MACD histogram – a sign of weakening of bullish momentum.
The spot, therefore, looks set to test 1.1065 (38.2% Fib R of 1.0879/1.1179). As of writing, the pair is trading at 1.1079.
The bearish case would be invalidated if the spot finds acceptance above the former support-turned-resistance of 1.1110.
|Today last price||1.1084|
|Today Daily Change||0.0004|
|Today Daily Change %||0.04|
|Today daily open||1.108|
|Previous Daily High||1.1124|
|Previous Daily Low||1.1072|
|Previous Weekly High||1.1063|
|Previous Weekly Low||1.0941|
|Previous Monthly High||1.111|
|Previous Monthly Low||1.0885|
|Daily Fibonacci 38.2%||1.1092|
|Daily Fibonacci 61.8%||1.1105|
|Daily Pivot Point S1||1.106|
|Daily Pivot Point S2||1.104|
|Daily Pivot Point S3||1.1008|
|Daily Pivot Point R1||1.1112|
|Daily Pivot Point R2||1.1144|
|Daily Pivot Point R3||1.1164|
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