Market news
04.01.2022, 23:00

EUR/USD Price Analysis: Bear cross, support break back sellers below 1.1300

  • EUR/USD remains pressured around two-week low despite the latest sideways grind.
  • Steady RSI backs bearish moving average crossover, break of 12-day-old support.
  • Weekly horizontal line tests intraday sellers, bulls need 200-SMA break for conviction.

EUR/USD stays depressed around 1.1285 near a fortnight low amid the initial Asian session on Wednesday, following a two-day south-run.

In doing so, the major currency pair justifies the bearish cross of the 50-HMA under 200-HMA, as well as a clear downside break of an upward sloping trend line from December 19, currently around 1.1305.

Given the steady RSI line baking the aforementioned bearish technical catalysts, the latest grind to the south may continue.

However, a horizontal area comprising lows marked since December 19, around 1.1275-70 may challenge the EUR/USD sellers before directing them to the year 2021 low near 1.1185.

Adding to the downside filters are the levels surrounding 1.1230 and the 1.1200 threshold.

Meanwhile, the corrective pullback may aim for the previous support line near 1.1305 but may remain elusive until crossing the 200-HMA level close to 1.1325.

Following that, a run-up towards 1.1360 and December’s high around 1.1385 can’t be ruled out.

EUR/USD: Hourly chart

Trend: Further weakness expected

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location