MONTHLY: Looking at the bigger picture, we can clearly see that EURUSD is in an overall downtrend with a steady depreciation of the Euro against the Dollar. Strong resistance at 1.0800 and last months candle was a strong bearish candle engulfing the previous bullish candle. MA's to the downside
WEEKLY: The weekly timeframe shows us that the last 3 weeks have been bearish, with lower highs and lower lows being formed.
DAILY: Daily resistance at 1.0600, last three days tried breaking through this price however rejected off this area of resistance. With a shooting star formed 3 days ago this is a sign that we may be heading further to the down side. Using the fibonacci tool, we can see that price could not break through the 50% zone adding a further confluence of bearish bias.
4HR: Break and retest of the Counter trend line. MA crossover to the downside
Targets at 1.04500
WEEKLY: The weekly timeframe shows us that the last 3 weeks have been bearish, with lower highs and lower lows being formed.
DAILY: Daily resistance at 1.0600, last three days tried breaking through this price however rejected off this area of resistance. With a shooting star formed 3 days ago this is a sign that we may be heading further to the down side. Using the fibonacci tool, we can see that price could not break through the 50% zone adding a further confluence of bearish bias.
4HR: Break and retest of the Counter trend line. MA crossover to the downside
Targets at 1.04500