Technical Analysis EURUSD : 2020-09-08

IFC Markets

Master Trader
Oct 31, 2012
1,415
4
84
London (Great Britain)
www.ifcmarkets.com
Recommendation for EUR/USD: Neutral

Sell Stop : Below 1.1762
Stop Loss : Above 1.2009

IndicatorValueSignal
RSINeutral
MACDSell
Donchian ChannelNeutral
MA(200)Buy
FractalsBuy
Parabolic SARSell
Chart Analysis
IFC Markets Tech Analysis

On the daily timeframe EURUSD: Daily is testing a support line as it is declining toward the 200-day moving average MA(200) which is rising. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.1762. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.2009. After placing the order, the stop loss is to be moved to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis

Germany’s industrial production expansion slowed in July. Will the EURUSD continue falling?