Since june 2008 the Euro has losen its strength vs USD. Till may 2014 it has formed the pattern "3 descending peaks" with the following deep fall to the lower limit of the big parallel channel (red), after it had broken the neckline.
The next recovering had been very weak and didn´t reach the upper limit of the mentioned channel.
Since january 2018 the Euro has been again falling and has reached a swing trend line at ~ 1,11USD.
Also it is within a negative wedge, and therein within the last third.
As it is a negative pattern a breakout to the bottom is more probable, than to the top.
There are no fundamental facts supporting the EURO vs USD. Neither the interest rates.
So I expect a continuation of the negative trend, but with much more momentum on the lower side.
Next stronger support could be the fib retracement 23.6% at 1.033$.
RSI within negative terrain, MACD on weekly basis also negative.
On daily basis both indicators stay negative but MACD has triggered up.
EURO on weekly far below EMA50, on daily near the indicator.
No trading advice!
The next recovering had been very weak and didn´t reach the upper limit of the mentioned channel.
Since january 2018 the Euro has been again falling and has reached a swing trend line at ~ 1,11USD.
Also it is within a negative wedge, and therein within the last third.
As it is a negative pattern a breakout to the bottom is more probable, than to the top.
There are no fundamental facts supporting the EURO vs USD. Neither the interest rates.
So I expect a continuation of the negative trend, but with much more momentum on the lower side.
Next stronger support could be the fib retracement 23.6% at 1.033$.
RSI within negative terrain, MACD on weekly basis also negative.
On daily basis both indicators stay negative but MACD has triggered up.
EURO on weekly far below EMA50, on daily near the indicator.
No trading advice!