Euro / U.S. DollarShort
EURUSD - Bearish momentum suggests scope for downside
EURUSD 1.1202 – bearish – Bearish momentum suggests scope for downside
EURUSD reversed sharply lower off last Friday’s 1.1460 high (September 18, 2015 high) to break below the 2-week rally from the 1.1089 low (September 4, 2015) and 1.1213 (September 16, 2015 low/200 day moving average), suggesting topping near term. Further weakness below Monday’s 1.1181 intraday low (September 21, 2015, near 76.4% of the 1.1086/1.1460 rise) would weaken towards 1.1131/1.1086 (September 9/3, 2015 lows). However, if bulls manage to reclaim the 1.1330 high (September 21, 2015) quickly, that would negate the bearish scenario and stabilize the pair for 1.1460.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
EURUSD reversed sharply lower off last Friday’s 1.1460 high (September 18, 2015 high) to break below the 2-week rally from the 1.1089 low (September 4, 2015) and 1.1213 (September 16, 2015 low/200 day moving average), suggesting topping near term. Further weakness below Monday’s 1.1181 intraday low (September 21, 2015, near 76.4% of the 1.1086/1.1460 rise) would weaken towards 1.1131/1.1086 (September 9/3, 2015 lows). However, if bulls manage to reclaim the 1.1330 high (September 21, 2015) quickly, that would negate the bearish scenario and stabilize the pair for 1.1460.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
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Related publications
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.