- EUR/USD is trading below its 50-period simple moving average on the weekly chart.
- The RSI, Stochastics and MACD indicators are all bearishly configured suggesting an extension of the bear trend.
The EUR/USD is in a strong bear leg. It is currently trading in the 1.1670 region on Friday. The Relative Strength Index (RSI), the Stochastics and the Moving Average Confluence/Divergence indicators are in bearish mode. The market is trading below the 50-period simple moving average (weekly) suggesting that the previous bull trend has lost momentum.
The next scaling point is likely going to be the 1.1553 swing low established in November 2017. Further down the 1.1450 level can be the next support as it is the 50% Fibonacci retracement level from the January 2017-February 2018 bull trend. Further down, the 1.1200 level should also provide support as it is the 61.8% Fibonacci retracement from the period mentioned above. The 100 and 200-period simple moving averages (weekly) are also located close to the 1.1500 area which should bring some support.
To the upside, resistances are seen at the 1.1928 level which is the 50-period SMA (weekly), the 1.2000 figure and the 1.2154 swing low established in early March.
EUR/USD weekly chart
-636628647773097339.png)
Share
