Jul 18 2018

Is the Single currency heading down south?

The Euro – single currency has been influenced by many a factors with nothing much to add from its self. Trump’s Trade tariffs or upbeat speech from Powell are adding to the woes of Euro. The pair is getting hammered and the key resistance level of 1.17 is being tested time and again. From the current level of 1.1627, not much would be needed to get euro below 1.1571, support at 76.4% retracement level on a daily chart.

The technical analysis indicators, 20 day moving averages are pointing towards a drop in the short term. The Stochastic Relative Strength Index (RSI) is also indicating a fall though after a few trading sessions. MACD Momentum indicator is hovering around the zero base line not giving much direction.

After attempting to test 1.17 again, probable sighting of 1.1571 should be there.

#forextechnicalanalysis #EURUSD