empty
 
 
10.04.2020 02:09 PM
Weekly analysis on EURUSD

EURUSD remains in a bearish weekly trend. Despite the try to break above 1.1150-1.12, bulls failed to maintain control of the break out and price got rejected. This failed break out continues to point to us the major resistance ahead.

This image is no longer relevant

Red line - weekly trend line resistance

EURUSD 5 weeks ago tried to break out of the weekly trend and above the resistance trend line. This failed attempt was another bearish sign. Price not only pulled back below the resistance trend line again, but at the attempt to back test it at 1.1150 two weeks ago, it got rejected. This week price bounced off last weeks low but still there is no important bullish or reversal sign in the chart. Key support is 1.1075. Breaking below this low we expect price to move towards 1.07 again. Resistance is at 1.1130. So far any bounce is considered a selling opportunity as long as price is below 1.1130-1.1150.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback