The EUR/USD pair is trading below its downward trend line on a 30-minute time frame. This confirms that the trend is towards the downside. Moreover, the price is also trading below the 50 day and 100 day moving average and this reflects that the bears are in strong control of the price. The volatility is high as the price is trading away from its 20 day moving average and it has also pierced the Bollinger® band. In terms of patterns, we do not have any specific pattern formed for the price except that the price is trading in downward channel.
The RSI and the MACD indicators are showing signals of divergence in relation to the price action which means that while the price is making the lower low, the MACD and the RSI have not confirmed this and this translates that the change is direction of the trend could be on the cards.
Important Levels
Resistance Levels
1.0883-1.0854 Minor
1.1035-1.1008 Major
Support Zone
1.0574-1.0546 Minor
1.0492-1.0463 Major
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam