Euro / U.S. DollarShort
EURUSD 1.1117: Falls towards 5-week rising trendline support
EURUSD extended lower off the 1.1466 recent high (May 15, 2015) to 1.1061 (May 20, 2015 low), retracing over 38.2% of the 1.0519/1.1466 rise. Currently the pair is consolidating under 1.1180 (May 21, 2015 high) forming a rising channel. While the latter caps, a break below the 1.1070 support would signal bearish channel breakdown and weaken towards 1.1061 near rising trendline, then 1.0992 (50% retracement of the 1.0519/1.1466 rise) which may contain losses. However, back above 1.1180 would signal scope for further gains towards 1.1261 (50% of the 1.1466/1.1061 fall). Above the latter would refocus on the recent 1.1466 high.
Outlook:
Short term: bearish
Long term: bearish
Outlook:
Short term: bearish
Long term: bearish
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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.