The single currency registered a modest decline over the US dollar on Friday. The session started at 1.1829 and the euro lost 11 pips. The chart continued to grow above the moving averages, while the relative strength index remained neutral. If the downward trend continues, the euro will probably break the first support at 1.1735.
Key levels to watch for:
Support: 1.1735; 1.1670;
Resistance: 1.1910; 1.2080;
The euro / dollar made an upward movement last week with a peak of 1.1879, but closed a little lower at 1.1818. The signals are neutral, but slightly downward to testing support 1.1750. Clear breaks and daily closures below this level may clear the way to zone 1.1670. The main upward trend remains valid, but we need a clear breakthrough and daily closing above 1.1900 for a potential end of the current downward correction phase and the resurgence of the bullish trend for the 1.2000 - 1.2090 test.
EUR/USD is unstable around 1.18. Indicators are aiming sounth on the 4 hour chart and bears are likely to take the control.
On yesterday session, the EURUSD initially fell but found enough support near the 10-day moving average to trim some of its losses although closed in the red, in the middle of the daily range, in addition the currency pair managed to close below Friday’s high, which suggests a strong bearish momentum.
The currency pair is trading below the 50-day moving average that should provide dynamic resistance however is trading above the 10 and 200-day moving averages that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.2041, the 50-day moving average at 1.1864 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1789 (support), a daily support at 1.1753 and a key level at 1.1684 (support).
Hi Falstaff,
In the big picture (Daily time frame) we had a head and shoulders pattern and a retest of the neckline on the 11,12 plus 13 of October were it made a swing high. So I’m expencting a drop down to 1.1593 obviously not all in the same day.
The formation of the head and shoulders took 22 days to complete, since then it past 16 days so at least more 6 days to go.
So the big picture is bearish but it does not mean that you can not go long in a shorter time-frame, 30 minutes or less.
Hope this helps you. Best regards, honeill
The EUR/USD dropped today to 1.1735, but recoved to currenlty trade at 1.1765. The short term outlook remains bullish, confirmed by the indicators on the four hour time frame.
On yesterday session, the EURUSD fell again but found enough support near the 1.1753 to trim some of its losses although closed in the red, in the middle of the daily range, in addition the currency pair managed to close below Monday’s low, which suggests a bearish momentum.
The currency pair is trading below the 10 and the 50-day moving averages that should provide dynamic resistance however is trading above 200-day moving average that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.2041, the 50-day moving average at 1.1863 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1792 (resistance), a daily support at 1.1753 and a key level at 1.1684 (support).
EUR/USD bounced from the early morning low at 1.1730. The pair conqured the resistance at 1.1780, but let’s see if bulls will fight the 1.18 handle.
EUR/USD almost reached 1.1800 and it’s still very bullish for now. A breakout above 1.1800 will probably lead to a rally to 1.1870.
So the 38.1 didn’t hold it and it tested the 61.8 but that held so far. Agree with vj 1870 seems the next target - but the shorter timeframes are very highly bought maybe they’ll close it out around the 1.180 mark and let it consolidate overnight ? We’ll see.
On yesterday session, the EURUSD initially fell but found yet again enough support near the 1.1753 to trim all of its losses plus closed in the green, near the high of the day, however the currency pair managed to close within Tuesday’s range, which suggests being slightly on the bullish side of neutral.
The currency pair is trading below the 10 and the 50-day moving averages that should provide dynamic resistance however is trading above 200-day moving average that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.2041, the 50-day moving average at 1.1864 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1801 (resistance), a daily support at 1.1753 and a key level at 1.1684 (support).
The single currency recorded an increase against the US dollar on Wednesday. Session started at 1.1765 and the price bounced back from support at 1.1735. After all, the euro ended at 1.1786 and if the price continued to rise the pair would head to the first resistance at 1.1910. Otherwise, in the downside, we may expect a breakthrough in support at 1.1735.
Very tricky to trade lately. I’m still expecting the bullish rally to continue.
So do I. It broke out above 1.1800, a breakout above the last high at 1.1880 will likely lead to a further move up to 1.2000.
EUR/USD is up today, but stalled at the 200-day SMA. Indicators are retreating from the overbought territories. Nevertheless I’m positive on the pair. 1.1820-1.1830 is critical, but I believle bulls will fight it.
Oh dear, a lot of positive sentimen for the pair here ! Never mind according to Dailyfx IG open interest is 65% short ! 
[Edit - Now 66% - An awful lot of punters beleieving the double top will hold - but they’re already IN the market, so they cn’t influence it again - can they ? - Well yes actually !
[Edit 2 - Strewth - it’s only 2 hours and Shorts are now 67% ! ] - Every pip it gets closer, there are more shorting ! - Where are their stops ? 
]
On yesterday session, the EURUSD initially fell but found enough support near 1.1766 Wednesday open to reverse and closed near the high of the day, in addition the currency pair managed to close above Wednesday’s high, which suggests a strong bullish momentum.
The currency pair is trading below the 50-day moving average that should provide dynamic resistance however is trading above 10 and 200-day moving averages that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.2041, the 50-day moving average at 1.1865 (resistance), a daily resistance at 1.1829, the 10-day moving average at 1.1813 (support), a daily support at 1.1753 and a key level at 1.1684 (support).
EUR/USD experienced an uneventful week and is ending flat. But the next week will bring much excitement over this pair.
Why do you say that FX_WES?