• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

Euro vs USD Price Tests Critical Chart Levels

Forex Tips by Forex Tips
June 28, 2020
in Technical Analysis
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Euro vs US Dollar Technical Outlook

  • U.S. dollar benefits from a weaker risk-on sentiment
  • EUR vs USD price chart exposes a continuation pattern

EUR/USD- Bulls Ease Up

On Friday, EUR/USD declined to an over two-week low at 1.1168 then closed the weekly candlestick in the red with a 0.7% loss highlighting the weakness of bulls.

The recent surging coronavirus cases in the US and elsewhere combined with the latest IMF expectations of a deeper global recession led investors this week to favor the world reserve currency and avoid riskier currencies.

EUR/USD DAILY PRICE CHART (AUG 1, 2018 – June 26, 2020) Zoomed Out

EURUSD Daily price chart 26-06-20 zoomed out

Building Confidence in Trading

Building Confidence in Trading

Recommended by Mahmoud Alkudsi

Building Confidence in Trading

EUR/USD DAILY PRICE CHART (May 8– June 26, 2020) Zoomed IN

EURUSD Daily price chart 26-06-20 zoomed in

On June 10, EUR/USD made a three-month high at 1.1422 then paused its upward trend and traded in bull flag therefore, any break above the higher line of the downside channel would be considered a bullish signal.

At the start of this week, the pair climbed back to the current trading zone 1.1205 – 1.1370 indicating that bulls were not done yet. Nonetheless, bulls showed a weak sign as the price failed to test the high end of the zone.

A close below the low end of the zone reflects the bull’s hesitation and this could send EURUSD towards 1.1097. Any further close below that level may encourage bears to press towards 1.0992.

On the flip side, another failure in closing below the low-end signals that bulls could reattempt testing the high end of the zone, and any further close above that level may extend the rally towards 1.1508.

Traits of Successful Traders

Traits of Successful Traders

Recommended by Mahmoud Alkudsi

Traits of Successful Traders

EUR/USD Four-Hour PRICE CHART (May 14 – June 26, 2020)

EURUSD Four Hour price chart 26-06-20

On Monday, EUR/USD broke above the lower downtrend line originated from the June 10 high at 1.1422, and generated a bullish signal. On Wednesday, the price reversed lower yet rebounded yesterday from the uptrend line originated from the May 14 low at 1.0774. Therefore, any violation of this line would generate a bearish signal while any break above the higher downtrend line originated from the aforementioned June 10 high would generate a bullish signal.

To conclude, a break below 1.1168 could send EURUSD towards 1.1107 while, a break above 1.1388 could trigger a rally towards 1.1464. With that said, the daily support and resistance marked on the four-hour chart should be considered.

How to Use IG Client Sentiment in Your Trading

How to Use IG Client Sentiment in Your Trading

Recommended by Mahmoud Alkudsi

Improve your trading with IG Client Sentiment Data

Written By: Mahmoud Alkudsi, Market Analyst

Please feel free to contact me on Twitter: @Malkudsi





Source link

Share76Tweet47

Related Posts

GBP/USD, EUR/GBP Wedge Patterns in Focus

by Forex Tips
January 24, 2021
0

GBP/USD, EUR/GBP Technical Forecast – Talking PointsGBP/USD rally in question as prices test Rising Wedge trendline resistance Falling Wedge...

FTSE 100, DAX 30 Technical Forecast For The Week Ahead

FTSE 100, DAX 30 Technical Forecast For The Week Ahead

by Forex Tips
January 23, 2021
0

FTSE 100, DAX Analysis and NewsFTSE 100 | Short-Term Pullback, Long Term PositiveDAX | Narrow Range Raises Breakout RiskFTSE...

Key AUD/USD, AUD/NZD Levels to Watch

by Forex Tips
January 23, 2021
0

Australian Dollar Analysis and Talking PointsAUD/USD | Pullbacks Finding SupportAUD/NZD | Rich Levels Relative to SpreadsA bout of risk...

EUR/USD Pulls Back from July High as EU Splits COVID Recovery Fund

EUR/USD May Dip More Before Finding Support

by Forex Tips
January 23, 2021
0

EUR/USD Technical OutlookEUR/USD still at risk of trading lower in the near-termFurther weakness will bring May trend-line into focusOverall,...

Recovery Stalls Below Record High- XAU/USD Levels

Gold Weekly Reversal- Bear Market Rally or More?

by Forex Tips
January 23, 2021
0

Gold Technical Price Outlook: XAU/USD Weekly Trade Levels Gold prices are poised to snap a two-week losing streak with...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.