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#1 01-05-2019 11:38:40

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EUR/USD: a market reversal risk emerges on the pair (Commerzbank)

EUR/USD: a market reversal risk emerges on the eurodollar (Commerzbank)

Karen Jones, an analyst at Commerzbank, notes that the EUR/USD pair continues to rebound from its May 2017 low of 1.1110, while the new low has not been confirmed by the daily RSI and the euro is rising towards the 20-day moving average at 1.1234.

"While capped here, the market remains directly bearish, and a break above it would suggest hedging short positions. Be aware that the chart being formed is a potentially important technical reversal figure, we also have divergence of the weekly RSI and a 13-count on the weekly chart and there is a risk of a market reversal.

The 1.1110 support level is considered as the breaking point up to the 2018-2019 support line (recesses are connected) at 1.1059 and the 78.6% Fibonacci retracement to 1.0814.

Resistance is the limit of the 100-day moving average at 1.1332 and the resistance line at 1.1362, ahead of the 200-day moving average at 1.1418. Above this moving average, a reversal would be taking place.

"Anything worth having is worth going for - all the way." - J.R. Ewing



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