Bearish sentiment has been dominating the European common currency against the New Dollar since the beginning of October. The currency pair has already reached the lower boundary of the long-term ascending channel at 1.6380.
Currently, the rate is testing the lower channel line. Given that the pair is being pressured by the 55-, 100– and 200-hour SMAs, it is expected that a breakout south occurs in the nearest future. Technical indicators for the 4H and 1W time frames support bearish scenario. It is likely that the rate targets the Fibonacci 61.80% retracement at 1.5857.
Otherwise, a reversal north occurs within following sessions. Important level to look out for is the Fibonacci 23.60% retracement at 1.7116.
Currently, the rate is testing the lower channel line. Given that the pair is being pressured by the 55-, 100– and 200-hour SMAs, it is expected that a breakout south occurs in the nearest future. Technical indicators for the 4H and 1W time frames support bearish scenario. It is likely that the rate targets the Fibonacci 61.80% retracement at 1.5857.
Otherwise, a reversal north occurs within following sessions. Important level to look out for is the Fibonacci 23.60% retracement at 1.7116.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.