EURUSD: Weekly review (16/01)
Tatiana Norkina, FBS analyst
Daily. The European currency continues to lose ground to the US dollar. Over the past week we have seen new lows in 1.1570, which provoked directed downward movement of all indicators. Thus, with the active dead cross all Ichimoku indicator lines turned down after a short lateral movement. Cloud is still downward, keeping the bearish trend.
Oscillators also indicate a growing interest in a bearish market participants.
Graph. Daily EUR/USD
H4. At the four-hour time frame there was a consolidation of the Ichimoku cloud at the beginning of the week. But in the second half of the week the bears managed to break down the support of the 17th figure and gain a foothold under the Tenkan and Kijun. Obviously, the auction will be held in the negative zone soon, but oversold market should be taken in consideration, which is confirmed both by Chinkou Span line and RSI. Corrective recovery to the Tenkan-sen and 1.1700 level is possible.
Graph. H4 EUR/USD