EUR/USD (a 4-hour chart) -Technical Analysis for 20.07.2016
20/07/2016 // 10:31:31 am
The economic sentiment and the mood of the investors is very gloom in Germany and has dipped to its lowest level in 4 years. The dilemma over prospects of the world economy after the Brexit vote is the most important factor swaying the sentiment. This is putting pressure on the currency, euro. Additionally, Housing Starts rose more than as anticipated, in the USA which supported the dollar further.
The currency pair, EUR/USD closed bearish yesterday. Technically, the pair is in a declining channel. The price touched a new low at 1.1000 (the strong psychological support). The instrument suffered a loss of about 0.53% during the course of the trades. The resistance is observed at 1.1050, the support exists at 1.1000.
MACD is in the negative zone. The histogram declined which marks growing strength of the seller. RSI moved back to the oversold area, the declining signal points out to the strength of the seller.
The price moved from the 50-EMA which is acting as a resistance. The downward movement of the moving averages (50, 100 and 200) marks a sell signal.
We still have a short-term bearish perspective for the EUR/USD pair. If the currency price breaks the support 1.1000 the instrument will advance towards 1.0900.
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