EUR/USD reached 1.0968 and failed to break above that resistance. More importantly, the pair has formed a hanging man candlestick on the weekly time-frame right under the resistance at 1.1000. I think we might see a bigger move to the downside, perhaps towards 1.0600 - 1.0550.
EUR/USD registered a decrease in the beginning of the new week. The euro depreciated by 60 pips against the dollar to a closing price of 1.0858. The session was held within the extremes at 1.0968 and 1.0848. In the short term prospects seem neutral, as immediate targets appear levels at 1.0995 and 1.0805.
On yesterday session the EURUSD tried to rally but found enough selling pressure to turn south and closed in the red near the low of the day, in addition managed to close below previous day low, suggesting a strong bearish momentum.
The pair closed below the 10 but above the 50-day moving average that continue acting as a dynamic support.
The key levels to watch are: 200-day moving average at 1.1049 (resistance), previous swing high at 1.0992 (resistance), 10-day moving average at 1.0861 (support), the 1.0819 (support) and the 50-day moving average at 1.0816 (support).
The pair practically remained unchanged during yesterday's session at 1.0856. Market participants did not set a clear direction after trading within the extreme values 1.0899 and 1.0819. Technically outlook in the short term remains neutral, as EUR/USD continues to move within the 1.0995 and 1.0805.
On yesterday session the EURUSD went back and forward without any clear direction and closed in the middle of the daily range, in addition managed to close within previous day range, suggesting sideways action for the next couple of days.
The pair closed below the 10 but above the 50-day moving average that continues acting as a dynamic support.
The key levels to watch are: 200-day moving average at 1.1048 (resistance), previous swing high at 1.0992 (resistance), 10-day moving average at 1.0854 (resistance), the 50-day moving average at 1.0816 (support) and the last swing low at 1.0711 (Support).
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