The long trend of august propelled the EurUsd back to the 1.17 levels. Its failure to maintain its momentum drove the currency back into a bearish market. The Patterns of the 24th and the 25th of August show clearly the change in the direction of the trend. The doji of the 31st of August showed that their is not enough momentum to enable the settlement of an upper trend. The EurUsd is currently hanging on its old up trend and was unable in the last 2 days to break through its down trend.
The EurUsd's daily Pivot Point is around 1.1254, and its 3 days Pivot Point is around 1.1242. According to the Pivot Point method, the trend will remain bearish, as the Parity's opening price was below those two respective levels.The main objective of the EurUsd will be its first support level around 1.1190, breaking through it will lead the way to the 1.1151 level as its 2nd support Level.
If the EurUsd was able to challenge the 1.242 level, it suggest that the parity would hit the 1.1293, its 1st resistance, reviving hopes in re-settling an up trend, with 1.1408 as an aim.
The currend EMA is providing support for the Parity. Breaking it will lead to the test of the parity daily supports.
I say that we will have a small doji formation today between the daily PP and the orange trend/support.
The EurUsd's daily Pivot Point is around 1.1254, and its 3 days Pivot Point is around 1.1242. According to the Pivot Point method, the trend will remain bearish, as the Parity's opening price was below those two respective levels.The main objective of the EurUsd will be its first support level around 1.1190, breaking through it will lead the way to the 1.1151 level as its 2nd support Level.
If the EurUsd was able to challenge the 1.242 level, it suggest that the parity would hit the 1.1293, its 1st resistance, reviving hopes in re-settling an up trend, with 1.1408 as an aim.
The currend EMA is providing support for the Parity. Breaking it will lead to the test of the parity daily supports.
I say that we will have a small doji formation today between the daily PP and the orange trend/support.
