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EUR/USD: technical analysis

FX:EURUSD   Euro Fx/U.S. Dollar
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EUR/USD, D1

On the daily chart , the pair has failed to break out the 61.8% Fibonacci fan line and turned down. The price is falling along the lower MA of Bollinger Bands and is currently forming the second close below the line. The price remains below its moving averages that are directed down. The RSI broke down important support line and falling towards its November supports. The Composite is reaching its critical levels suggesting a room for further decline is limited.

EUR/USD, H4

On the 4-hour chart, the pair is correcting up from the lower MA of Bollinger Bands . The price remains below its moving averages that are directed down. The RSI turned up after it formed a Bullish divergence with the price. The Composite is about to test its yesterday’s resistance level.

Key levels

Support levels: 1.0710 (local lows), 1.0673 (November lows), 1.0550 (December lows).
Resistance levels: 1.0801 (active trade), 1.0837 (local highs), 1.0927 (beginning of the week highs).

Trading tips

Short positions can be opened below the level of 1.0710 with targets at 1.0673, 1.0565 and stop-loss at 1.0745. Validity – 2-3 days.
Long positions can be opened above the level of 1.0837 with the target at 1.0917 and stop-loss at 1.0795. Validity – 2-3 days.
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