EUR/USD: weekly review (Nov. 21)
Tatiana Norkina, analyst at FBS
Daily. We observed corrective growth of the currency pair which was stopped by the horizontal line Kijun-sen in the area of the 26th figure last week. Market has emerged more bearish closer to the end of the week: the pair came down from the Tenkan-Kijun channel. Due to the existing negative character of the cloud it may become the signal of the resumption of the downtrend.
Oscillators have different directions at the same time: MACD is not in a hurry to move down yet, moving sideways for the past two days but the RSI is gradually moving to downtrend.
Chart. Daily EUR/USD
H4. Situation on the four-hour timeframe demonstrates the superiority of the bears more eloquent. Oscillators headed down and MACD may soon be at zero level. Considering the Ichimoku indicator, unable to adjust to the side of the bulls It is going to support the bears again. Single testing of the top of the cloud proved that it’s hard for bulls to cope with the bearish pressure. That is why the golden cross will be canceled today and the cloud will continue to grow down. Thereafter, we’re looking forward to new lows after fixing prices under the 25th figure.
Chart. H4 EUR/USD