According to FXStreet Editor and Analyst, Omkar Godbole, the EUR/USD pair is likely to breach the channel support at 1.1286 levels and move lower to retest 1.1220 – 1.1240 levels.
Key Quotes
“The EUR/USD pair finished weak on Friday at 1.1299, well below the 5-DMA located currently at 1.1319 levels. Another attempt to rise above 5-DMA failed today as the pair trades lower at 1.13 levels.”
“Overall the pair trades in a sideways channel (1.1286-1.1365) on the hourly chart. The hourly RSI too, is moving in a similar pattern, although it has turned bearish at 44.73 levels. Thus, the pair is likely to breach the channel support at 1.1286, opening doors for a re-test of 1.1220-1.1240 levels.”
“On the other hand, a fresh intra demand for Euros can be anticipated above 1.1321, however immediate gains are likely to be capped around 1.1365.”
“The overall outlook for the pair stays bearish so long as it trades below the channel resistance located at 1.1365 levels.”
Key Quotes
“The EUR/USD pair finished weak on Friday at 1.1299, well below the 5-DMA located currently at 1.1319 levels. Another attempt to rise above 5-DMA failed today as the pair trades lower at 1.13 levels.”
“Overall the pair trades in a sideways channel (1.1286-1.1365) on the hourly chart. The hourly RSI too, is moving in a similar pattern, although it has turned bearish at 44.73 levels. Thus, the pair is likely to breach the channel support at 1.1286, opening doors for a re-test of 1.1220-1.1240 levels.”
“On the other hand, a fresh intra demand for Euros can be anticipated above 1.1321, however immediate gains are likely to be capped around 1.1365.”
“The overall outlook for the pair stays bearish so long as it trades below the channel resistance located at 1.1365 levels.”
