Euro US Dollar: technical view negative, expected down-trend continuation

Euro US Dollar currency pair trading session of the 05/01/2016 ends at 1.0751 (-0.67%). Price below the 14 days moving average (SMA value is 1.0894).

Euro US Dollar currency pair trading session of the 05/01/2016 ends at 1.0751 (-0.67%). Marked a series of 3 consecutive higher lows. For intraday trading session the technical view is negative and leaves assume the down-trend continuation. However, we can’t exclude rebounds towards the most significant resistance levels. The major oscillators confirm the downward trend. Marked a third consecutive negative trading session. We suggest to monitore today closing.

Eur Dollar

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Simple Moving Average (SMA)
The price is below the 14 days moving average (SMA value is 1.0894). The short term view is therefore bearish, however for today trading session we can’t exclude retracements towards the most significant resistance levels.


Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 05/01/2016.

Performance: 7 trading days= -1.94% – 15 trading days= -2.18% – 30 trading days= +1.07%

Resistance levels: R1= 1.0823 – R2= 1.0896 – R3= 1.1025
Pivot Point: 1.0767
Support levels: S1= 1.0694 – S2= 1.0638 – S3= 1.0509


DAILY TRADING SIGNALS

Buying opportunity above 1.0785 targets minor resistance at 1.0824 and perhaps as far as strong resistance at 1.0854, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.0903.

Selling opportunity below 1.0736 targets minor support at 1.0698 and perhaps as far as strong support at 1.0669, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.0620.