Skip to main content

EUR/USD: larger drop below 0.9759

#

The EUR/USD pair dropped today as the Dollar Index has managed to print a strong rebound. It was trading at 0.9783 at the time of writing, far below 0.9872 today's high. As you already know from my analyses, the pair maintains a bearish bias despite temporary rebounds.

Yesterday, the Eurozone and the US economic data came in better than expected. Today, the Eurozone Final CPI rose by 9.9% versus the 10.0% expected, while Final Core CPI reported a 4.8% growth matching expectations.

On the other hand, the US Building Permits came in at 1.56M above the 1.52M expected, while Housing Starts dropped from 1.57M to 1.44M below the 1.46M expected.

EUR/USD Under Downside Pressure!

analytics63501b31df85d.jpg

Technically, the rate found resistance at 0.9873 and now it challenges the ascending pitchfork's lower median line (lml) which stands as a dynamic support. 0.9806 represents a static resistance while 0.9759 today's low represents a downside obstacle.

As long as the currency pair stays above the lower median line (lml), within the ascending pitchfork's body, the price could regain new bullish momentum.

EUR/USD Forecast!

Staying above the lower median line (lml) and making a valid breakout through 0.9806 could bring more gains.

A valid breakdown below the lower median line (lml) and through the 0.9759 low activates more declines and brings a short opportunity.


Trading analysis offered by Flex EA.
Source #Unknown
Labels:

Comments

Post a Comment

Popular posts from this blog

GBPUSD up and down. Back down testing 61.8% and swing area.

# GBPUSD tests 61.8% and swing area The GBPUSD is in an up and down day. The    GBPUSD  moved higher earlier. That move was helped by better than expected retail sales. However the high price today stalled near the high price from last week near 1.3643, and rotated back lower on the USD buying. The subsequent move lower now has the price back toward the 61.8% retracement along with a swing area between 1.35969 and 1.36034. As I type, the price has dipped below that swing area. What next? If the price can stay below the 1.36034 area, that would be the best case scenario for the sellers with the next major targets coming in at the 100 hour moving average 1.3569 (blue line), and the 200 hour moving average at 1.35609 (green line). The 50% midpoint of the 2022 trading range is just below those levels at 1.35526 and would be a another target on further weakness. A move back above 1.36034 with momentum would have traders looking again toward 1.3618 to 1.36271 and then t...
Post a Comment
Read more