On Monday, the EUR/USD no longer had close by resistance levels on the hourly chart. Namely, the weekly pivot points had changed, and the closest by technical resistance was located at the 1.1380 mark.
During the morning hours of the day's trading the pair was set to surge to the pivot point at 1.1380. It should occur by using the support of the 55 and 100-hourly simple moving averages, which were located at the 1.1340 level.
Meanwhile, note that above the 1.1380 level there are no additional resistance levels as far as 1.1430.
During the morning hours of the day's trading the pair was set to surge to the pivot point at 1.1380. It should occur by using the support of the 55 and 100-hourly simple moving averages, which were located at the 1.1340 level.
Meanwhile, note that above the 1.1380 level there are no additional resistance levels as far as 1.1430.
Comment:
The EUR/USD did not manage to pass the resistance levels at the 1.1400 mark. Instead the rate retreated down to the lower trend line of the ascending channel pattern.
On Thursday morning the rate had bounced off the support of the trend line and had found additional support in the weekly R1 at 1.1380. Due to that reason it was assumed that the rate will make another attempt to pass the 1.1400 level.
On the other hand the rate might trade sideways and that way pass the support of the ascending channel. That way the rate would face the various support on the hourly chart one by one and decline below them.
On Thursday morning the rate had bounced off the support of the trend line and had found additional support in the weekly R1 at 1.1380. Due to that reason it was assumed that the rate will make another attempt to pass the 1.1400 level.
On the other hand the rate might trade sideways and that way pass the support of the ascending channel. That way the rate would face the various support on the hourly chart one by one and decline below them.
Comment:
The EUR/USD has passed the lower trend line of the ascending pattern. Although it occurred after reaching the 1.1400 mark for a third time, as expected. Moreover, the pair reached above it to the 1.1420 level.
On Friday, the rate was squeezed in between the technical levels that were providing resistance at 1.1380 and the support levels at 1.1365 and 1.1355. In addition, the 100-hour SMA was crossing the hourly candles at 1.1373.
In general, watch the pair closely, as passing the resistance at 1.1380 or the support at 1.1350 would signal a larger move up or down.
On Friday, the rate was squeezed in between the technical levels that were providing resistance at 1.1380 and the support levels at 1.1365 and 1.1355. In addition, the 100-hour SMA was crossing the hourly candles at 1.1373.
In general, watch the pair closely, as passing the resistance at 1.1380 or the support at 1.1350 would signal a larger move up or down.
Comment:
On Monday, the EUR/USD began the day's trading above the support of the various hourly simple moving averages. Although, it began to immediately decline.
By the middle of the day's trading session the rate had fallen below the 1.1350 level and it was expected to continue its decline. Namely, the pair had no support as low as the weekly S1 at 1.1324.
On the other hand, the rate has already made a too sharp move downwards. Due to that reason it might first consolidate the decline by trading sideways.
By the middle of the day's trading session the rate had fallen below the 1.1350 level and it was expected to continue its decline. Namely, the pair had no support as low as the weekly S1 at 1.1324.
On the other hand, the rate has already made a too sharp move downwards. Due to that reason it might first consolidate the decline by trading sideways.
The 1.1400 level managed to hold the pair back from continuing to surge and forced it into a retracement downwards. Although, on Wednesday morning the pair was once more making an attempt to pass the level.
In general, watch the 1.1400 closely, if it gets clearly passed, the rate should head for the weekly R2 at the 1.1424 level. On the other hand, another retreat downwards wot the 1.1380 level might occur, if the 1.1400 holds.