What's next for the euro ?
EUR/USD failed to surpass the 50 SMA around 1.121 two few days ago and fell to lowest level since May 23 and just few pips away from YTD lows.
The technical picture remains bearish, as long as resistance trend line around 1.126 remains intact.
However, on the daily chart we have double bottom at around 1.1105-1.1110 which is holding the bearish continuation of the trend.
Breaking this level will trigger a strong fall towards 1.10 level.
The pair is now trading around 1.113 and looks like a bearish pennant-continuation pattern is being formed on 1 hour chart.
Fundamentally the picture hasn't changed much and it is clear that the market sentiment is more tilted towards the us dollar.
Support levels: 1.111-1.1107-1.1050-1.10
Resistance levels: 1.118-1.121-1.126
Good luck
The technical picture remains bearish, as long as resistance trend line around 1.126 remains intact.
However, on the daily chart we have double bottom at around 1.1105-1.1110 which is holding the bearish continuation of the trend.
Breaking this level will trigger a strong fall towards 1.10 level.
The pair is now trading around 1.113 and looks like a bearish pennant-continuation pattern is being formed on 1 hour chart.
Fundamentally the picture hasn't changed much and it is clear that the market sentiment is more tilted towards the us dollar.
Support levels: 1.111-1.1107-1.1050-1.10
Resistance levels: 1.118-1.121-1.126
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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