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EURUSD

EURUSD ANALYSIS OVER H4 CHART.Technical outlook From a technical perspective, the RSI (14) on the daily chart is already flashing extremely oversold conditions. This makes it prudent to wait for some near-term consolidation or modest rebound before positioning for any further losses. Hence, any further decline below the 1.0000 psychological mark is more likely to find decent support near the lower end of a multi-month-old descending channel, currently around the 0.9980 region. Some follow-through selling would be seen as a fresh trigger for bearish traders and make the EUR/USD pair vulnerable. On the flip side, any attempted recovery could be seen as a selling opportunity near the 1.0070 region. This, in turn, should cap the EUR/USD pair near the 1.0100 round-figure mark. The latter should act as a pivotal point, which if cleared decisively could trigger a near-term short-covering bounce. Spot prices could then climb back to the next relevant hurdle near the 1.0180-1.0185 zone.
Short
by charliedavies770
EURUSD widened doors for bears ahead of FOMC MinutesEURUSD dropped to the lowest levels since late 2020 on breaking the two-month-old horizontal support area near 1.0360-50, before the latest dribbling around 20-year low. The downside also conquered the 61.8% FE of March-May moves while extending the south-run inside a four-month-long bearish channel. With this, the sellers keep reins ahead of the Fed Minutes and the US ISM Services PMI for June, both of which are likely to exert downside pressure on the quote. Hence, the major currency pair is likely to extend the fall toward testing the 78.6% Fibonacci Expansion (FE) level near 1.0140. In a case where the oversold RSI fails to trigger a rebound around 1.0140, the odds of witnessing the 1.0000 psychological magnet back to the chart can’t be ruled out. The 1.0000 figures also coincide with the aforementioned channel’s support line. Meanwhile, corrective pullback needs to stay beyond 1.0360 support-turned-resistance to gain the market’s confidence. Even so, the 1.0480 and upper line of the stated channel, close to 1.0540, will be crucial hurdles for the EURUSD bulls to cross before taking back control. During the quote’s run-up beyond 1.0540, late June’s swing high near 1.0615 and the previous monthly top surrounding 1.0785 could gain the market’s attention. To sum up, EURUSD stays on the bear’s radar ahead of important data/events. Even if the scheduled catalysts disappoint sellers, the recovery moves are likely to have a bumpy road ahead.
by MTradingGlobal
EURUSD opened the door for sellers ahead of ECB ForumNot only a sustained trading below the 200-EMA but a clear downside break of the short-term ascending triangle also keeps EURUSD bears hopeful as traders await major central bankers’ debate at the ECB Forum. That said, 1.0460 appears the immediate support for the pair sellers to aim for ahead of looking at the yearly low surrounding 1.0350. During the fall, the 1.0400 round figure may offer an intermediate halt. Meanwhile, a fortnight-old triangle’s support line, now resistance around 1.0560, restricts the short-term rebound of the EURUSD pair. Following that, the 200-EMA surrounding 1.0600 and the triangle’s upper line near 1.0620 could challenge the buyers before giving them control. Should the quote manage to remain firm past 1.0620, the upside momentum could then target the 1.0700 psychological magnet before the monthly peak of 1.0773. Overall, EURUSD has already flashed bearish signals ahead of the week’s key event, which in turn makes it comfortable for sellers. However, the recession may probe policymakers from the ECB, BOE and the Fed, making it important to be cautious before taking big positions ahead of the event.
by MTradingGlobal
EURUSD stays on the way to sub-1.0300 regionEURUSD again bounces off the monthly low as sellers flirt with a horizontal area surrounding multiple levels marked since April. That being said, RSI and MACD back the major currency pair’s mid-week retreat, which in turn hints at the break of the immediate support zone near 1.0490-80. The following downturn could aim for the yearly low close to 1.0350 before allowing a chance for the bears to breathe. In a case where the quote fails to rebound from 1.0350, the odds of witnessing an extended south-run towards the 61.8% Fibonacci Expansion (FE) of late March-May move, around 1.0265, will be in focus. On the contrary, a 21-DMA and 50-DMA confluence of 1.0610 appears to be a tough nut to crack for the bulls. Even if the EURUSD rises past 1.0610, a downward sloping resistance line from March, close to 1.0620, could act as an extra filter to the north before giving control to the bulls. Following that, a run-up towards the monthly high of 1.0773 can’t be ruled out. However, May’s peak near 1.0785 could challenge the pair’s upside moves afterward. Overall, EURUSD has more downside scope than the otherwise but the US dollar’s dormancy probes bears.
by MTradingGlobal
EURUSD stays on the way to mid-1.3000sEURUSD holds onto its bearish bias, despite bouncing off an immediate support line. That said, a sustained trading below the 200-SMA and previous support line from late May keeps bears hopeful of breaking the nearby trend line support, around 1.0450. Following that, multiple levels surrounding 1.0400 could test the downside momentum before directing the quote towards the previous monthly low near 1.0350, also the lowest level since 2017. In a case where the pair refreshes its yearly bottom, the year 2017’s trough close to 1.0340 could act as the last defense of the bulls. On the upside, further recovery may eye 50% Fibonacci retracement (Fibo.) of May 13-30 upside, near 1.0570. However, a convergence of the 200-SMA and the descending trend line from May 25 around 1.0600 appears a tough nut to crack for the EURUSD buyers. Even if the quote successfully crosses the 1.0600 hurdle, the June-start low around 1.0630 will be a crucial challenge for the bulls before retaking the control. Overall, EURUSD stays on the bear’s radar even after teasing a double-bottom bullish chart pattern.
Short
by MTradingGlobal