A detailed Technical Analysis of EURUSD (1)

A Detailed Technical Analysis of EUR/USD, Read on to know more!

The US Dollar seems to make a move against its European correlative. Going through the given chart, EUR/USD has recently pushed a near-term rising trend line from the beginning of this year. Is the pair getting ready to make an evident move to the downside? Perhaps, there are premonitions. Even so, there are stumbling blocks that may deter its development.

For a fresher, an extended rising trend line from April 2017 is standing in the way as immediate support. A break below it could mean a major reversal from EUR/USD’s uptrend in 2017. In such a scenario, that exposes the January 17th low at 1.2162. No close in price was seen on 1 March. Coincidentally, this level closely aligns with the 38.2% Fibonacci retracement which means that there may be constant support from all sides.

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On the other hand, EUR/USD could try to move a bit forward. It seems to have formed an area of intransigence just below 1.2334 over the past few trading days. A push above that exposes the early March highs around 1.2448. Should the pair keep climbing after that, it will necessarily face the falling trend line from all the way back to July 2008.

Eur usd chart 04-04-2018
Going through the given weekly chart, we can get a better swivel of the two merging long-term trend lines. The reason why EUR/USD may be at risk of turning lower is that negative RSI aberration accompanied the pair’s gradient from early September 2017. It hints that momentum to the upside is degenerating. Let’s see if the 2017 line can keep supporting the pair. If a breakout occurs, confirmation would improve the contention for a more pronounced reversal.

On the other hand, EUR/USD could try to move a bit forward. It seems to have formed an area of intransigence just below 1.2334 over the past few trading day. A push above that exposes the early March highs around 1.2448. Should the pair keep climbing after that, it will necessarily face the falling trend line from all the way back to July 2008.


Going through the given weekly chart, we can get a better swivel of the two merging long-term trend lines. The reason why EUR/USD may be at risk of turning lower is that negative RSI aberration accompanied the pair’s gradient from early September 2017. It hints that momentum to the upside is degenerating. Let’s see if the 2017 line can keep supporting the pair. If a breakout occurs, confirmation would improve the contention for a more pronounced reversal. That’s all for today, stay updated on our website for further blogs related to forex trading.