EUR/USD has been ranging for the third consecutive session with a slight tendency southwards. Despite moving above the 55-hour SMA early on Tuesday, the Euro failed to accelerate and thus back south at 1.1650. By this morning, the rate was trading near its one-year low of 1.15.
Even tough technical indicators are steadily recovering, the price has failed to pick up this bullish momentum. It is likely that the first part of the day is spent calmly due to 55– and 100-hour SMAs pressuring the rate from above at 1.16.
This resistance should eventually be breached to allow for a test of the 1.17 mark which should mark today’s highest price, as it is strengthened by the 200-hour and 55– and 100-period (4H) SMAs.
Even tough technical indicators are steadily recovering, the price has failed to pick up this bullish momentum. It is likely that the first part of the day is spent calmly due to 55– and 100-hour SMAs pressuring the rate from above at 1.16.
This resistance should eventually be breached to allow for a test of the 1.17 mark which should mark today’s highest price, as it is strengthened by the 200-hour and 55– and 100-period (4H) SMAs.
Comment:
EUR/USD was pressured lower on Thursday morning by the combined resistance of the 55– and 100-hour SMAs. This allowed the pair to re-test its one-year low of 1.15 prior to gaining strong bullish momentum and dashing through these lines later in the session.
The pair might still edge slightly higher during the first part of the day; however, it does face a significant resistance cluster formed by the 200-hour, 55– and 100-period (4H) SMAs and the weekly PP at 1.1670. This area is likely to halt the pair today, thus letting bears to re-gain some of the lost positions.
Given the strength of the aforementioned support and resistance levels, the Euro might remain stranded in between these barriers until early Monday.
EUR/USD was pressured lower on Thursday morning by the combined resistance of the 55– and 100-hour SMAs. This allowed the pair to re-test its one-year low of 1.15 prior to gaining strong bullish momentum and dashing through these lines later in the session.
The pair might still edge slightly higher during the first part of the day; however, it does face a significant resistance cluster formed by the 200-hour, 55– and 100-period (4H) SMAs and the weekly PP at 1.1670. This area is likely to halt the pair today, thus letting bears to re-gain some of the lost positions.
Given the strength of the aforementioned support and resistance levels, the Euro might remain stranded in between these barriers until early Monday.
Comment:
After the breaking of the previously mapped channel down pattern, the common European currency has traded sideways against the US Dollar. However, as the consolidation occurred, a new junior channel pattern was spotted.
The pair is trading in a junior ascending channel pattern, which was set to guide the currency exchange rate up to the first weekly resistance near the 1.1720 mark.
However, in the short term the rate looked like waiting for additional support to begin the mentioned surge. The support most likely would be provided by the approaching 55-hour simple moving average, which would strengthen the support cluster near the 1.1630 mark.
After the breaking of the previously mapped channel down pattern, the common European currency has traded sideways against the US Dollar. However, as the consolidation occurred, a new junior channel pattern was spotted.
The pair is trading in a junior ascending channel pattern, which was set to guide the currency exchange rate up to the first weekly resistance near the 1.1720 mark.
However, in the short term the rate looked like waiting for additional support to begin the mentioned surge. The support most likely would be provided by the approaching 55-hour simple moving average, which would strengthen the support cluster near the 1.1630 mark.
Comment:
The common European currency continues to strengthen against its American counterpart in a short-term ascending channel.
The pair managed to accelerate from the 200-hour SMA on Monday, and it was trading at the 1.1720 mark early today. This 1.1740/50 range coincides with the weekly R1, the upper boundary of a four-month channel down, a historically strong support/resistance level and the 200-period (4H) SMA.
The Euro has returned to the overbought territory, and technical indicators flash strong bearish signals. Thus, the 1.1740 area is expected to be a point of reversal that should pressure the rate lower down to the 55-, 100– and 200-hour SMAs near 1.1640.
The common European currency continues to strengthen against its American counterpart in a short-term ascending channel.
The pair managed to accelerate from the 200-hour SMA on Monday, and it was trading at the 1.1720 mark early today. This 1.1740/50 range coincides with the weekly R1, the upper boundary of a four-month channel down, a historically strong support/resistance level and the 200-period (4H) SMA.
The Euro has returned to the overbought territory, and technical indicators flash strong bearish signals. Thus, the 1.1740 area is expected to be a point of reversal that should pressure the rate lower down to the 55-, 100– and 200-hour SMAs near 1.1640.
Comment:
The Euro began to weaken against the US Dollar early on Tuesday after failing to move above the considerable resistance of the weekly R1 and the senior channel near 1.1720.
A large fall did not follow, as the pair was restricted by the 55– and 100-hour SMAs. This minor depreciation left the pair testing the 1.1650 mark this morning.
Technical indicators are still tended south that should point to further decline. However, traders should consider the strong support cluster formed by the 200-hour and 55-period (4H) SMAs and the weekly PP circa 1.1615. This could hinder or even halt any attempts to move below this level, thus reversing the Euro back to the upside.
Today’s highest point should be the aforementioned 1.1720 territory, while a bearish fall is unlikely to exceed 1.16.
The Euro began to weaken against the US Dollar early on Tuesday after failing to move above the considerable resistance of the weekly R1 and the senior channel near 1.1720.
A large fall did not follow, as the pair was restricted by the 55– and 100-hour SMAs. This minor depreciation left the pair testing the 1.1650 mark this morning.
Technical indicators are still tended south that should point to further decline. However, traders should consider the strong support cluster formed by the 200-hour and 55-period (4H) SMAs and the weekly PP circa 1.1615. This could hinder or even halt any attempts to move below this level, thus reversing the Euro back to the upside.
Today’s highest point should be the aforementioned 1.1720 territory, while a bearish fall is unlikely to exceed 1.16.
The common European currency failed to accelerate against the US Dollar on Wednesday, being restricted by the 55– and 100-hour SMAs from above. In addition, the pair likewise failed to breach the 1.1550 mark, which shows that neither bears nor bulls were able to gather the necessary strength to take the dominant hand in the market.
Technical signals are bearish today. This means that the Euro could re-test its one-year low of 1.15. The weekly S1 is likewise situated nearby. This scenario is likely if the aforementioned moving averages are not breached.
In case this move does occur, the daily high should be the 1.1670 area where the weekly PP, the 55– and 100-period (4H) and 200-hour SMAs are located.