“¢ After repeated rejections near 200-period SMA on the 4-hourly chart, the pair dropped to near three-week lows in reaction to today’s disappointing Euro-zone PMI prints.
“¢ Meanwhile, the occurrence of a death cross on the mentioned chart, wherein 50-period SMA has crossed below 200-period SMA, indicates the potential for a major selloff.
EUR/USD 4-hourly chart
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“¢ The pair has also moved on the brink of confirming a bearish breakthrough over two-month-old descending trend-channel amid expectations of a more dovish shift by the ECB.
Daily chart
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“¢ Technical indicators on 4-hourly/daily charts have been gaining negative traction, reinforcing the bearish set-up and increasing prospects for an extension of the bearish trajectory.
“¢ However, oversold conditions on the 1-hourly chart warrant some consolidation ahead of the key event risk – the latest ECB monetary policy update, due to be announced today.
EUR/USD
Overview:
Today Last Price: 1.1338
Today Daily change %: -0.39%
Today Daily Open: 1.1382
Trends:
Daily SMA20: 1.1426
Daily SMA50: 1.1391
Daily SMA100: 1.1456
Daily SMA200: 1.1589
Levels:
Previous Daily High: 1.1396
Previous Daily Low: 1.1351
Previous Weekly High: 1.1491
Previous Weekly Low: 1.1353
Previous Monthly High: 1.1486
Previous Monthly Low: 1.1269
Daily Fibonacci 38.2%: 1.1378
Daily Fibonacci 61.8%: 1.1368
Daily Pivot Point S1: 1.1357
Daily Pivot Point S2: 1.1331
Daily Pivot Point S3: 1.1312
Daily Pivot Point R1: 1.1402
Daily Pivot Point R2: 1.1421
Daily Pivot Point R3: 1.1447
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