EUR/USD Technical Analysis: Set-up favors bearish traders, dovish ECB message awaited for confirmation

Haresh Menghani FXStreet

• Barring a couple of knee-jerk reactions, the pair has been steadily recovering along an ascending trend-channel formation on intraday charts.

• Given this week's slide, the mentioned channel now seemed to constitute towards the formation of a bearish continuation flag chart pattern.

• Oscillators on the 1-hourly chart have just started recovering from the negative territory but maintained their bearish bias on 4-hourly/daily charts.

• The set-up clearly remains tilted in favor of bearish traders, which will be reaffirmed on a sustained break through the 1.1300-1.1290 support area.

However, a sustained move beyond the trend-channel hurdle, also nearly 100-hour SMA would •negate the bearish set-up and trigger a short-covering move.

EUR/USD 1-hourly chart

EUR/USD

Overview:
    Today Last Price: 1.1312
    Today Daily change %: 0.01%
    Today Daily Open: 1.1311
Trends:
    Daily SMA20: 1.1331
    Daily SMA50: 1.1387
    Daily SMA100: 1.1381
    Daily SMA200: 1.1504
Levels:
    Previous Daily High: 1.1326
    Previous Daily Low: 1.1285
    Previous Weekly High: 1.1422
    Previous Weekly Low: 1.1328
    Previous Monthly High: 1.1489
    Previous Monthly Low: 1.1234
    Daily Fibonacci 38.2%: 1.131
    Daily Fibonacci 61.8%: 1.1301
    Daily Pivot Point S1: 1.1289
    Daily Pivot Point S2: 1.1267
    Daily Pivot Point S3: 1.1249
    Daily Pivot Point R1: 1.1329
    Daily Pivot Point R2: 1.1348
    Daily Pivot Point R3: 1.1369

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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