10th August 2018 - Breaking 1.15 psychological level raised EURUSD downside momentum

Walid Salah Eldin

Master Trader
Feb 15, 2016
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Egypt
www.fx-recommends.com
EURUSD.jpg

EURUSD breaking of it key supporting level at 1.1508 raised the pair downside momentum by triggering stop buying orders drove it to 1.1415 until now which has not been seen since 2017, Jul.14.

1.15 level has been attracting the markets eyes, after it could hold several times this year, as the pair could bounce up previously from 1.1509 last May. 29 and again it could revive above this key psychological level by rebounding from 1.1508 on last Jun. 21.

Forming this week another lower high below its daily SMA50 at 1.1628 drove the pair to enter this current price range ending the consolidation between 1.15 and 1.1750.

This lower high at 1.1628 raised the weight on the pair to break 1.15 level triggering this current downward acceleration.

While the pair is still undermined over longer range by continued trading below its daily SMA100 and also its daily SMA200.

The pair is now in its sixth consecutive day below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.1706.

EURUSD daily RSI-14 is referring now to lower existence inside the neutral region reading at 31.147 close to its oversold area below 30.

While EURUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line at 18.249 inside its oversold area below 20 leading to the downside its signal line which is still inside the neutral area at 30.340, after another negative crossover inside the neutral area.


Important levels: Daily SMA50 @ 1.1629, Daily SMA100 @ 1.1857 and Daily SMA200 @ 1.1970

S&R:

S1: 1.1308

S2: 1.1109

S3: 1.0838

R1: 1.1628

R2: 1.1750

R3: 1.1851



Kind Regards

Global Market Strategist of FX-Recommends

Walid Salah El Din