Longer-term EUR/USD points to lower levels
EUR/USD:
Monthly timeframe:
Long term, EUR/USD’s primary trend has faced a southerly trajectory since topping in mid-July 2008, at 1.6038. Activity on the monthly chart remains languishing south of a resistance area at 1.2048/1.1653 and a trendline resistance (1.6038).
Downside risk remains on this timeframe until reaching a support area marked at 1.0742/1.0333.
Daily timeframe:
After retesting 1.1109/1.1066, a central resistance zone, at the beginning of February, the pair nosedived lower, sporting six successive daily bearish candles. Price initially toppled the nearby support zone at 1.1000/1.0980 and, recently, went on to unseat 1.0962/1.0925.
The next area of interest falls in close by around 1.0822/1.0879, boasting history as far back as March 2016. Thanks to recent selling, the RSI also recently drove into oversold terrain, forming hidden bullish divergence.
Monthly timeframe:
Long term, EUR/USD’s primary trend has faced a southerly trajectory since topping in mid-July 2008, at 1.6038. Activity on the monthly chart remains languishing south of a resistance area at 1.2048/1.1653 and a trendline resistance (1.6038).
Downside risk remains on this timeframe until reaching a support area marked at 1.0742/1.0333.
Daily timeframe:
After retesting 1.1109/1.1066, a central resistance zone, at the beginning of February, the pair nosedived lower, sporting six successive daily bearish candles. Price initially toppled the nearby support zone at 1.1000/1.0980 and, recently, went on to unseat 1.0962/1.0925.
The next area of interest falls in close by around 1.0822/1.0879, boasting history as far back as March 2016. Thanks to recent selling, the RSI also recently drove into oversold terrain, forming hidden bullish divergence.
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