AvaTrade - Analytics

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EUR/USD- Broken its downward trend line, will you trade?

The EUR/USD pair is trading below its downward trend line on a 60 minute time frame. The price has recently broken this trend line and this shows a sing of strength especially given that it is also trading above the 50 day and 100 day moving averages shown in yellow and red colour respectively. The price could also be forming a reverse head and shoulder pattern as we can see that the left shoulder and the head is already formed therefore, it is important to keep an eye on this pattern as it develops further.

The RSI and the MACD indicators are trading in line with the price action which means that while the price is making the lower highs, the move is confirmed by the momentum indicators.

EURUSD 02-06-2015

Important Zones

1.0813-1.0782 Minor Support

1.0688-1.0660 major Support

1.12061-1.1166 Minor Resistance

1.1461-1.1427 Major Support



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