Sforex
Short

EURUSD: Could weak data and double top stop Euro's rally ?

FX:EURUSD   Euro/U.S. Dollar
172 0 6
This week, Euro             is the central focus with lot of data will be released. ZEW , IFO data, and Markit PMI.

EZ data in March performed very bad so I don't think EZ data this week will be bright.

Look at on the chart, EURUSD             now stops at 1.1350 : It's a two month high: A meaningful resistance level .

Mario Draghi clearly is unhappy with current level of Euro             and if he has a chance, he would talk down Euro             .

Hence, the fear of lower Euro             is obvious, and that why I don't think Euro             could move higher.

If It breaks 1.1350, the door for next strong resistance level 1.1500 will be opened and definitely EURUSD             will rally to that resistance.

However, like I said, the fear is still on the table, and a bounce at 1.1350 will form a Double top pattern for EURUSD             .

One more thing, RSI indicator, I see it reached 70: It hasn't broken 70 since Oct 2015.

Combine two signal, I think EURUSD             could back to Kumo cloud and at 1.1100 this week.

United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out