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JayanVarsani

EUR-USD - FAILURE TO PRINT HIGHER HIGHS | DOWNTREND CONFIRMED?

Short
Euro / U.S. Dollar (FX:EURUSD)  
JayanVarsani  
FX:EURUSD   Euro / U.S. Dollar
Chart Patterns Technical Indicators Trend Analysis Forex Currencies USD GBPUSD EURUSD AUDUSD USDJPY USDCAD DXY
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chartpattern indicator trendanalysis forex currencies usd gbpusd eurusd audusd usdjpy usdcad dxy
EUR/USD has failed to print a higher high after bouncing strongly off the 0.382 fibonacci support level. Thus, indicating a confirmation for a downtrend in EUR/USD.

  • Unsuccessful bounce off the macro 0.382 fibonacci support
  • Unable to print higher high
  • Unable to break local 0.618 fibonacci
  • Unable to hold local support
  • Unable to break 200 weekly moving average


VERDICT: Given the above, it is fair to say that EUR/USD is more bearish than bullish. And that we are in a downtrend, ready to continue after failing to advance upwards.
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