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Technical Analysis: EURUSD flirts with monthly support line on ECB day

Despite closing below 5-day EMA for the first time in two weeks, EURUSD is yet to conquer an ascending trend line from September 25 as it faces key events like the US GDP and the ECB. Sustained trading below the said EMA joins normal RSI conditions to continue the latest downtrend from 1.1855. However, sellers await a clear break below 1.1735 becomes necessary for the pair to aim for the previous month's low near 1.1610. Meanwhile, a confluence of 38.2% Fibonacci retracement and October 15 low near 1.1690-85 can offer an intermediate halt during the downside past trendline break.

On the upside, 1.1810 and 1.1860 can entertain buyers before challenging the monthly top surrounding 1.1880. It should, however, be noted that the pair's upside past-1.1880 may have to respect an upward sloping resistance line, at 1.1915 now, during the additional rise, if not then the 1.2000 psychological magnet will be on the bull's radars. Overall, anticipated dovish outcomes from the ECB and USD-positive GDP figures from the US can cheer supportive technical signals to keep EURUSD sellers hopeful.

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