Euro FX USD future: technical view is strongly bearish, expected further price drop

New bearish technical picture drawn on Euro FX USD future daily chart. The major oscillators confirm the downward trend. Expected further price drop.

Euro FX USD future November 17 close was at 1.0638 (-0.52%). Marked the eighth consecutive negative trading session, new bearish technical picture drawn on daily chart (high2 > high1, high1 > high, low2 > low1, low1 > low, close2 > close1, close1 > close),expected further price drop. For intraday trading session the technical view is negative and leaves assume the down-trend continuation. The major oscillators confirm the downward trend. we suggest to watch today closing.


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Simple Moving Average (SMA)
Euro FX USD future quotes are below the 14 days moving average (SMA value is 1.0933). The short term view is strongly bearish.
Daily chart shows an increase in volumes compared to the previous day. This could be a sign of a significant move to come.

Support and Resistance levels
7, 15 and 30 trading days Performance. Support, Resistance and Pivot Point levels. Last updated closing price: 17/11/2016.

Performance: 7 trading days= -2.81% – 15 trading days= -3.31% – 30 trading days= -5.10%

Resistance levels: R1= 1.0720 – R2= 1.0801 – R3= 1.0927
Pivot Point: 1.0675
Support levels: S1= 1.0594 – S2= 1.0549 – S3= 1.0423

Buying opportunity above 1.0652 targets minor resistance at 1.0689 and perhaps as far as strong resistance at 1.0719, where sellers could regain control. Above that level it could trigger an acceleration to the upside with the next target at 1.0765.

Selling opportunity below 1.0621 targets minor support at 1.0584 and perhaps as far as strong support at 1.0555, where buyers could get back into the market. Below that level we could expect a bearish downward movement with the next target at 1.0509.