EURUSD: weekly review (28/11)
Tatiana Norkina, FBS analyst
Daily. Over the past week, the pair has once again updated its lows, testing the 1.2350 mark, after which a rebound to the Tenkan-sen line took place. On the daily timeframe, a "double top" figure is probable to be formed, which, if confirmed by the oscillators (divergence is still relevant), may extend the current downward trend.
At the same time, the Ichimoku indicator is still under the bearish sentiment: the cloud is directed downwards, the dead cross is active. More than that, the currency pair rate moved below all lines on Friday. Another decline to the recent lows should not be ruled out.
Chart. Daily EUR/USD
H4. On the four-hour timeframe, the short-term growth was stopped by the lower border of the Ichimoku cloud. But the Tenkan and Kijun lines have formed a golden cross anyway, which might support the bulls.
But the oscillators are yet warning of the bears pressure. MACD is going below zero. RSI is directed downwards as well.
Chart. H4 EUR/USD