The EURUSD had a bearish week start, which, indicates that this pair has a desire to want to continue the long-term trend: bearish.
The EURUSD is approaching to the psychological support level of 1.30, a significant level at which many traders, they decide to buy or sell, in large quantities. Currently, the EURUSD is below the 200 day moving average but we must be careful, because this pair can bounce up and could make a breakout in the resistance level 1.3115. On the other hand, if the EURUSD does a breakout with a bearish candlestick on the psychological support level of 1.30, we could see falls in this pair, to the next support level at 1.2870, in the medium term.
The MACD indicator is showing signs of overbought in this pair, which could support the hypothesis that the EURUSD finished making the correction in its primary trend (bearish).
In the fundamental outlook, we must pay attention to what have to say today, the ECB’s president, Mario Draghi, at 14:00 GMT, whose comments, could generate a lot of volatility in all EUR pairs.
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.
Hot Features
Premium
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
