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Friday, July 23, 2021

EURUSD Channelling Lower Towards 1.17

EURUSD Channelling Lower Towards 1.17

EUR/USD OANDA:EURUSD

Trend Analysis
The main view of this trade idea is on the 2-Hour chart. The Forex Cross EURUSD is in a rather choppy downward trend channel, making lower highs and lower lows, after hitting resistance around the 1.195 price level. At the time of publishing, EURUSD is trading at the middle of the channel.

Technical Indicators
EURUSD is currently below its short (25-SMA), medium (75-SMA) and fractal moving averages, an indication that it is in a bearish trend . Also the KST recently had a negative crossover, further confirmation of the bearish move. The RSI is trading below 50.

Recommendation
The recommendation will be to go short at market. EURUSD is expected to decline towards 1.17, 0.56% away from current levels. Stop loss on this position is set around the 1.184 level, above the resistance trend line of the downward trend channel.

Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time publishing, I have a position in EURUSD .



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