Search ForexCrunch

   “¢   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