Technical Analysis For: / (Daily)



The EUR/USD finished higher Thursday topping at 1.0763.

The bias is near term. As you can see on the H1 chart below price is in the Sell Zone, an area with at least 3 resistances, as follows:

  1. The lower line of the Bullish channel,
  2. The trend line resistance, and
  3. The H1 200-Day EMA a good place to sell targeting 1.0500 with a tight stop loss above the trend line resistance.

1st support is seen at 1.0690. A clear break below that mark could push a test towards 1.0650/30, the Key support area.

On the Northside, a clear break and daily/weekly close above the trend line resistance and 1.0770 could cause a Bullish correction next week testing to 1.0900.

Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader.

Stay tuned…