7/16/22 EURUSD Daily chart
We can clearly see we have a big downtrend going on with EURUSD on daily and it's respecting the channel it has created making new lower low levels.
We have the supply area around the level of 1.03926 which from there we can see a big push towards the new lower level at 0.99545 and which we have been seeing a consolidation in the past week making it our support area.
The week ended with a good green candlestick engulfing the previous red one we had, making it a really good confirmation of a possible reversal towards the supply area.
We also have the indicator MACD which is confirming us that sellers are losing power giving it an extra boost for the pushback towards the supply area.
We have the supply area around the level of 1.03926 which from there we can see a big push towards the new lower level at 0.99545 and which we have been seeing a consolidation in the past week making it our support area.
The week ended with a good green candlestick engulfing the previous red one we had, making it a really good confirmation of a possible reversal towards the supply area.
We also have the indicator MACD which is confirming us that sellers are losing power giving it an extra boost for the pushback towards the supply area.
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.