EUR/USD: weekly review

Tatiana Norkina, an analyst at FBS

Daily. It seems that the currency pair bottomed in the 11th figure. Immediately after the testing at this level, the market began the correction because of the strong oversold. But the corrective recovery had lasted only until the day Tenkan-sen line, which acts as a resistance level around 1.1380.

 Oscillators turned up, but Ichimoku indicator remains bearish: the cloud expands down, the dead cross is still active. Therefore, if Tenkan-sen remain inaccessible in the coming days, one can see the desire of bears to establish parity prices.

Graph. Daily EUR / USD

H4. At the four-hour timeframe the trading had been closely interwoven with the Tenkan-Sen and Kijun lines. The latter had formed a golden cross, but the bulls were unable to take advantage of its support - the pressure of the cloud does not allow new customers to connect.

Obviously, if the bulls are not able to break through the cloud base, the downtrend will be resumed very soon.

Graph. H4 EUR / USD

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