Forex Technical Outlook For EUR/USD (Daily)
The EUR/USD fell towards the 1.0900, the technical picture points South, as the daily presents a clear Bearish bias.
The single currency price has fallen below the 20-Day MA, whilst being capped by the 200-Day MA for most of this past week.
The 100-Day MA in the same chart as last standing at 1.0895, the immediate support for this week. In the daily the technical indicators point South inside Bearish territory, indicating a continued decline likely.
Short term, the 4 hours shows that the price remains near Friday low at 1.0911, and below its MAs, also the Momentum indicator continues heading South.
The RSI indicator in this last frame has posted a small bounce from oversold readings, but rather reflecting the latest recovery than suggesting an upward move in the short term.
Some intra-day lows around 1.0960 should offer resistance against further advances, with a clear recovery above the mark required to support the upward correction outlook.
Support marks:1.0895 1.0850 1.0810
Resistance marks: 1.0960 1.1000 1.1045
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a tech trader.