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20 May 2014
EUR/USD breaking trailing supports; bear flag
FXStreet (Guatemala) - EUR/USD is trading at 1.3690, down -0.14% on the day, having posted a daily high at 1.3715 and low at 1.3678.
EUR/USD is a bearish story and strategists at RBS noted that the EUR/USD remains exposed to more downside. EUR/USD has broken down through its 100DMA and the trailing support, and has formed a bear flag as well as testing of the lower Bollinger band being an indication of a market downside move looming. “Fibonacci projections from the recent impulse wave indicate 1.3592 and 1.3497 to be the most important support and target levels on the downside. A sustained break above 1.3745 would require the view reassessment”.
EUR/USD Levels
Current price is 1.3690, with resistance ahead at 1.3692 (Yesterday's Low), 1.3694 (Monthly Low), 1.3694 (Weekly Low), 1.3703 (Hourly 20 EMA) and 1.3706 (Weekly Classic PP). Next support to the downside can be found at 1.3689 (Daily Classic S1), 1.3678 (Daily Low), 1.3669 (Daily Classic S2), 1.3646 (Daily Classic S3) and 1.3636 (Weekly Classic S1).
EUR/USD is a bearish story and strategists at RBS noted that the EUR/USD remains exposed to more downside. EUR/USD has broken down through its 100DMA and the trailing support, and has formed a bear flag as well as testing of the lower Bollinger band being an indication of a market downside move looming. “Fibonacci projections from the recent impulse wave indicate 1.3592 and 1.3497 to be the most important support and target levels on the downside. A sustained break above 1.3745 would require the view reassessment”.
EUR/USD Levels
Current price is 1.3690, with resistance ahead at 1.3692 (Yesterday's Low), 1.3694 (Monthly Low), 1.3694 (Weekly Low), 1.3703 (Hourly 20 EMA) and 1.3706 (Weekly Classic PP). Next support to the downside can be found at 1.3689 (Daily Classic S1), 1.3678 (Daily Low), 1.3669 (Daily Classic S2), 1.3646 (Daily Classic S3) and 1.3636 (Weekly Classic S1).