EURUSD holds a negative profile in the medium-term

 

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EURUSD has managed this week to break the 1.1303 support level, providing a signal for further downside movements. So, the medium-term trend of EURUSD is a downtrend technically justified by the fact that the price is currently trading below the valid downtrend line.

Moving average analysis confirms the downtrend upon bearish cross of 20-SMA below the 50-SMA. In addition, a bearish cross of MACD oscillator below its trigger line is observed in the negative territory, indicating a sell signal.

Should the price fall further, the low at 1.1117 comes into view as an immediate support level, while even lower, bears may target at 1.0840 price level.

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On the other hand, if the price moves higher, beyond 1.1303, the 1.1623 price level could provide resistance, near the weekly downtrend line, while a successful break above this, would shift focus to the 1.1819 barrier.

To sum up, both the medium- and long-term picture of EURUSD is mainly negative.

 

 

The above references the authors opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.

Petros currently works as a Broker at an investment firm in Cyprus. His experience focuses on teaching of economics at a high school level and on the preparation of technical analysis reports for intra-day, daily and medium-term trends on indices, futures/commodities and FX spots. Petros holds an MSc in Economic Analysis and a BSc in Economics both from the University of Cyprus. Currently, he is an Associate Member of the Society of Technical Analysts (STA) and a Certified Financial Technician (CFTe).

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