EUR/USD Falling Channel and Selling Pressure
Emre Tutucu | Dec 10, 2017 06:48AM ET
On the bigger chart timeframes:
Current Price: 1.17690
Weekly Chart: EUR/USD ended the week in the lower Bollinger Band® ( Below EMA 20). RSI is moving towards bearish territory headed South.
Daily Chart: It is below EMA 50. 1.17100 is the EMA 100 Support. It is inside the cloud.
H4 Chart: RSI value is 44 and in the bearish territory. Price is below EMA 50, 100 AND 200. Clear bearish view.
Smaller Chart Timeframe:
We see a falling channel on the H1 Chart.
Price is likely to test the upper line of the channel 1.17800. It needs to break above the channel to get rid of the selling pressure. If it fails to break, 1.17100 will be tested.
Key Levels:
On the upper side: 1.18100, 1.18400 and 1.18800
On the downside: 1.17100, 1.16800 and 1.16500
We will keep eye on 1.17800 ( channel breakout level ) on Monday.
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