“¢ The pair now seems to have entered a bearish consolidation phase and was seen oscillating in a narrow trading band, forming a rectangle on the 1-hourly chart ahead of ADP report.
“¢ Given the recent failures to sustain/build on the momentum beyond the 1.1400 handle, the pair’s inability to register any meaningful recovery clearly points to persistent selling bias.
“¢ Meanwhile, bearish technical indicators on hourly/daily charts add credence to the bearish set-up, which will be reaffirmed on a break through the rectangle support near the 1.1290 region.
“¢ On a sustained weakness below the mentioned support, the pair is likely to accelerate the fall towards 1.1260-50 intermediate support before challenging multi-month lows, around the 1.1215 area.
“¢ Alternatively, a weaker ADP report might prompt some short-covering bounce and a subsequent move beyond 50-hour SMA, around the 1.1320-25 region, might negate the near-term bearish outlook.
EUR/USD 1-hourly chart
EUR/USD
Overview:
Today Last Price: 1.1303
Today Daily change: -5 pips
Today Daily change %: -0.04%
Today Daily Open: 1.1308
Trends:
Daily SMA20: 1.1334
Daily SMA50: 1.1388
Daily SMA100: 1.1382
Daily SMA200: 1.1505
Levels:
Previous Daily High: 1.1348
Previous Daily Low: 1.1289
Previous Weekly High: 1.1422
Previous Weekly Low: 1.1328
Previous Monthly High: 1.1489
Previous Monthly Low: 1.1234
Daily Fibonacci 38.2%: 1.1312
Daily Fibonacci 61.8%: 1.1326
Daily Pivot Point S1: 1.1282
Daily Pivot Point S2: 1.1256
Daily Pivot Point S3: 1.1223
Daily Pivot Point R1: 1.1341
Daily Pivot Point R2: 1.1374
Daily Pivot Point R3: 1.14