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Trade of the Day: EUR/USD

February 13, 2020 20:59
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    Risk demand reemerges cautiously, but caution remains in place

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  • FUNDAMENTALS
    Equities struggle amid economic and China-related concerns

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    Stocks gain, dollar eases ahead of job market data

    Dollar pressured by positive risk sentiment in thin markets

    Investors spooked by strong US data

    Investors spooked by strong US data

    Risk demand reemerges cautiously, but caution remains in place

    Risk demand reemerges cautiously, but caution remains in place

    Market sentiment dented by recession fears

    Market sentiment dented by recession fears

    Investor sentiment improves, but gains limited

    Investor sentiment improves, but gains limited

    Risk sentiment keeps deteriorating, dollar climbs

    Stocks celebrate US inflation, dollar slumps

    Virus, US-China tensions hit global markets

    Market sentiment turns cautious amid events in the US

    Investors look indecisive ahead of another volatile week

    Investors look indecisive ahead of another volatile week

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Home » Trade of the Day: EUR/USD

Trade of the Day: EUR/USD

by FWNews
February 13, 2020 20:59
in Technical analysis
0
Tech analysis

EUR/USD continues to fall inside the hourly Down Channel chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Down Channel at the 4-bar level – which is the result of the slow Initial Trend (1 bar), above-average Uniformity (6 bars) and significant Clarity (7 bars). EUR/USD expected to fall further inside this Down Channel – in line with the earlier breakout of the key support level shown below.

As can be seen from the daily EUR/USD chart below – the pair previously broke through the pivotal support level 1.0880 (which stopped the sharp downward impulse in October, as can be seen below). This price level is acting as strong resistance after it was broken. The proximity of this resistance level and the strength of the active downward impulse wave from December increase the probability EUR/USD will continue to fall inside this Down Channel.

Source: Autochartist
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