Technical Analysis - EURUSD largest weekly decline since September 2011
13 April 2015, 12:11
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- EURUSD rolled over at slope resistance but several longer term technical observations are worthy of note; the rate found low at an important long term level (line off of 2008 and 2010 lows). The speculative crowd has never been more bearish…ever. Such conditions typically precede important reversals…although not necessarily right away. A break above the resistance lines (old support) would indicate that behavior has changed. Until then, there is nothing bullish to work with.
- Tenkan-sen line is located below Kijun-sen line of Ichimoku indicator with 1.0461 support level on W1 timeframe with good signal for the downtrend to be continuing.
- AbsoluteStrength indicator and TrendStrength indicators are in contradiction with each other and indicating the ranging market condition for the price to be ranging between 1.0461 support and 1.1449 resistance levels for W1 timeframe.
- D1 price is breaking 1.0637 support on open bar with good potential for breakdown.
Trend:
- H4 - bearish
- D1 - bearish breakdown
- W1 - bearish
- MN1 - bearish breakdown
