Technical Analysis – EURUSD’s selling interest continues below 1.20



EURUSD failed several times in the past three days to successfully surpass the 1.1985 crucial resistance and the 1.2000 handle. The price has been in a descending movement since January, remaining below the 100-day simple moving average (SMA) and the Ichimoku cloud. The RSI is flattening in the positive region, while the stochastic is looking overstretched as it is turning lower above the 80 level.

A break of the 1.1985 obstacle and the 1.2000 handle could shift the bearish bias to neutral, meeting the 1.2240 resistance. Above these levels, the 32-month high of 1.2348 could come next before touching the 1.2400 round number, taken from the peaks on April 2018.

On the other hand, if the bears push the pair lower, it could find immediate support at the 23.6% Fibonacci retracement level of the upward move 1.0635-1.2348 at 1.1945. Slightly lower, the 40- and 20-day SMAs at 1.1900 and 1.1850 respectively could attract attention ahead of 1.1830. Breaching these barriers, the market could find supports at 1.1745 and the 38.2% Fibonacci of 1.1695.

Summarizing, EURUSD is in a negative mode in the short-to-medium-term outlook and any decreases below the lower boundary of the downward channel could endorse a stronger bearish move.


Latest News


Technical Analysis – WTI oil futures signal uptrend continuation; eyes on 66.60


Technical Analysis – AUDUSD plunges in consolidation area


Technical Analysis – Gold shapes footing above MAs and 1,800 handle


Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

We are using cookies to give you the best experience on our website. Read more or change your cookie settings.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.