EURUSD Weekly Technical Analysis: New Month, More Weakness

| 30 september, 2017 | 0 kommentarer

What’s inside:

  • EURUSD pennyless a ‘neckline’ of a bearish ‘head-and-shoulders’ pattern, Apr trend-line
  • Resistance in closeness of 11825/80 expected to keep a lid on serve strength
  • Targeting a low to mid-11600s with some-more selling

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Coming into final week we forked out the odds of finally seeing a resolution of a operation EURUSD had been stranded in for the past few weeks, and one of a outcomes we done note of as a probability was for the triggering of a ’head-and-shoulders’ pattern. Indeed, we saw a mangle of a ’neckline’ along with a dump subsequent a Apr trend-line. This led to decent offered before a teenager rebound took shape during a latter partial of final week.

Looking forward to subsequent week a euro is set adult for serve waste as a trail of slightest insurgency has incited lower. Looking to a capper on any serve strength there is insurgency in a 11825-11880 area (old support becomes new resistance). As prolonged as a euro stays subsequent this area a downward disposition will sojourn resolutely intact.

Looking reduce towards support eyes will be on a Aug low during 11662 and a 2016 high of 11616, of that a latter only happens to align roughly precisely with a totalled pierce aim of a ‘head-and-shoulders’ settlement (determined by subtracting a tallness of a settlement from a neckline).

Bottom line: Shorts demeanour set to have a upperhand as a uninformed month gets underway as prolonged as a euro stays capped by resistance. On weakness, we’ll be examination how a euro responds to a dump into support levels.

For a longer-term opinion on EURUSD, check out a just expelled Q4 Forecast.


EURUSD Weekly Technical Analysis: New Month, More Weakness

—Written by Paul Robinson, Market Analyst

You can accept Paul’s research directly around email bysigning adult here.

You can follow Paul on Twitter at@PaulRobinonFX.

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Kategori: Analys från DailyFX

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