Conclusion for today’s EURUSD technical analysis:
Price closing below 1.11335 implies an increase in bearish strength.
EURUSD analysis for today is carried out on a 4 hour time frame candlestick chart. A bearish price channel is highlighted and used to put price action in context, as well as provide an estimate or target the EURUSD.
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The bearish price channel as drawn is from the price peak of 1.14482 on March 20, 2019 with 1.12625 on May 13, 2019 used as the second price peak to connect the upper boundary of the channel. 1.11969 on April 02, 2019 and 1.11307 on April 25, 2019 are price lows used to connect the lower boundary of the channel.
Use of moving averages on the 4 hour timeframe inspects mainly the slope of the moving averages and also crossovers. The most recent cross over is the 50 moving average (MA) crossing below the 200MA. This is used in this analysis as additional evidence in favor of a bearish bias.
1.12656 and 1.12523 is used to indicate immediate resistance in the EURUSD that also do coincide with the channel’s upper boundary. Any price swing upwards is therefore expected to be challenged and support indicated by 1.11697 and 1.11335.
Price breaking below 1.11335 implies an increase in bearish strength with the bottom of the price channel providing a target for the EURUSD.
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