View RSS Feed

TechnoMeter

EUR/USD Technical Analysis: Possible Bearish

Rate this Entry
by , 10-15-2018 at 02:05 PM (739 Views)
      
   
The Euro is hovering near the middle of choppy range confining price action against the US Dollar for over four months, with technical positioning offering mixed signals on where prices may go from here.

Name:  eurusd-d1-metaquotes-software-corp.png
Views: 157
Size:  19.5 KB

The daily chart is inconclusive. A recovery above the 1.1514-58 zone bisecting the trading range might have been expected to open the door for upside follow-through, but confidence in such an outcome is degraded after a downside break through the same barrier failed to deliver earlier this month. That might imply that the hurdle itself may be losing significance in the minds of traders.

Zooming out to the weekly chart, signs of a bottom may be forming. The outlines of a jagged Head and Shoulders (H&S) bottom have appeared on a test of former range resistance as support. Confirmation on a break above the pattern's neckline at 1.1768 would imply a measured move higher that takes EUR/USD back above the 1.22 figure.

more...

Submit "EUR/USD Technical Analysis: Possible Bearish" to Google Submit "EUR/USD Technical Analysis: Possible Bearish" to del.icio.us Submit "EUR/USD Technical Analysis: Possible Bearish" to Digg Submit "EUR/USD Technical Analysis: Possible Bearish" to reddit

Comments