Detailed FX Market Outlook and Analysis

EUR/USD Daily Analysis

As indicated in yesterday’s analysis, EUR/USD moved further lower and is currently trading at 1.1316. The 1.1300 is a major support area and a breach below this level will further extend the downside. The intraday resistance levels are at 1.1336 and 1.137.

On the intraday charts, the technical indicators are presenting a strong bearish picture with the SMA-14 indicating resistance at 1.1501 and the SMA-50 resistance line at 1.1613. The RSI has entered the oversold zone and the MACD is below the middle line. The mid-band also favors a bearish trajectory with the upper and lower bands at 1.1745 and 1.1330 respectively. Following the intraday and 4-hourly price patterns the pair is ideal for selling entries using around 1.1345 with a target of 50 to 60 pips and a stop-loss at 1.1375.

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