XM Group - Analytics

    XM Group

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    Technical Analysis – EURUSD strong bearish bias, negative momentum

    EURUSD maintains a bearish bias, trading below the key 1.06 level. Momentum is quite negative as the daily RSI is below 50 and has been there since mid-October. Furthermore, the tenkan-sen and kijun-sen lines are negatively aligned while prices are below the daily Ichimoku cloud and below the 200-day moving average. All these highlight the underlying weakness that has been the overriding theme of 2015.

    As the key support level of 1.0500 comes into focus, there is potential for a test of the 2015 low posted back in March at 1.0461. A break below this would confirm the bearish trend that began in April 2014 (1.3992).

    Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.


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