Sep 07 2018

EUR/USD view- Technical Commentry

In 4 hourly chart price action is forming a Descending Triangle (kind of right angle triangle where lows are on same levels and the latest high is lower than the previous ones) which is a very strong negative indication. If the price breaks the 1.1530 handle, then we can see a move towards 1.1400 mark. In weekly chart there is a formation of bearish Head & Shoulder pattern, the formation of same is witnessing the Euro weakness against the U.S Dollar and the neckline of H & S pattern is stood at around 1.1300 mark. On the other hand, momentum indicator MACD is giving a Bearish crossover(MACD line is intersecting Signal line, upside to down) – which also signals bearish bias. Any candle close above the Descending Triangle, will negate the above view.