Welcome to this exclusive update on EURO/USD weekly chart.
This is my first-ever T.A on Currencies and I look forward to publishing more T.A on the stock markets as well as the cryptocurrencies.
Let's dive in.
The EURO/USD is in a bad shape right now. The current moving averages (21 & 50) are forming a bearish crossover in the weekly chart. If you look into the chart then you will clearly notice what happened last time when we had a similar bearish crossover. The EURO/USD dropped almost 9% ($1.17446 to $1.06378) and from that level, it bounced back forming a support line.
The current price is $1.16754 (While I am publishing this chart) and we have a thin layer of support at $1.16. We may possibly see a bounce from this support and if it can hold the price above the support for a couple of weeks then the price may bounce back to the $1.2 level.
TBH, I am biased with the fall towards the lower trendline (the support). The EURO/USD may possibly fall 8% from the current price so do your own investment carefully.
If you like this idea then do like, and share your views in the comment section.
Also, if you want me to make T.A on any charts then do DM me or write it down in the comment box.
Thank you.
Note: This ain't financial advice. I have done my own research and trading at my own risk. So, do your own research before investing.
This is my first-ever T.A on Currencies and I look forward to publishing more T.A on the stock markets as well as the cryptocurrencies.
Let's dive in.
The EURO/USD is in a bad shape right now. The current moving averages (21 & 50) are forming a bearish crossover in the weekly chart. If you look into the chart then you will clearly notice what happened last time when we had a similar bearish crossover. The EURO/USD dropped almost 9% ($1.17446 to $1.06378) and from that level, it bounced back forming a support line.
The current price is $1.16754 (While I am publishing this chart) and we have a thin layer of support at $1.16. We may possibly see a bounce from this support and if it can hold the price above the support for a couple of weeks then the price may bounce back to the $1.2 level.
TBH, I am biased with the fall towards the lower trendline (the support). The EURO/USD may possibly fall 8% from the current price so do your own investment carefully.
If you like this idea then do like, and share your views in the comment section.
Also, if you want me to make T.A on any charts then do DM me or write it down in the comment box.
Thank you.
Note: This ain't financial advice. I have done my own research and trading at my own risk. So, do your own research before investing.
