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EURUSD Price: Nearing a Strong Support Zone

EURUSD Price: Nearing a Strong Support Zone

2019-02-08 10:30:00
Nick Cawley, Strategist
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EURUSD Price, Analysis and Chart:

  • US dollar bulls continue to control price action.
  • EURUSD may test multi-month support.

Q1 2019 Trading Forecasts including USD and EUR.

EURUSD Challenging Support as Bears Celebrate a Good Week’s Work

EURUSD is on its way to re-test the 1.1300 area as a combination of a weak Euro and a strong US dollar push the pair lower. EURUSD traded as high as 1.1460 on Monday before fading lower, leaving a chart with five red candles in a row this week. Yet the 1.1300 area has held firm over the last three months, aside from the mid-November sell-off and sharp reversal and is likely to prove strong support as we head into the weekend. Retail sentiment suggests that lower prices lie ahead while the RSI indicator is nearing oversold conditions and is at the lowest level since mid-November. If we break and close below 1.1300, a further sell-off to the 1.1260-1.1270 level should ensue before the previously mentioned November sell-off low at 1.12158.

Overall the technical set-up remains negative with eight daily lower highs in a row and with the pair below all three moving averages, yet support has proved robust since late-October and history may well repeat itself.

IG Client Sentiment data currently show retail are 65.1% net-long EURUSD, a bearish contrarian indicator. In addition, traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EURUSD bearish contrarian trading bias.

EURUSD Daily Price Chart (May 2018 – February 8, 2019)

EURUSD Price: Nearing a Strong Support Zone

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on EURUSD – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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