EUR/USD Weekly Analysis: Bearish Outlook Persists
29 May 2023
EUR/USD WEEKLY SCENARIO
EUR/USD TECHNICAL ANALYSIS: WEEKLY CHART
In the weekly chart, EUR/USD is trading in an up channel.
EUR/USD is currently trading below 5&20 SMA.
RSI is in buying zone, which shows bullishness. Stochastic is suggesting a downtrend.
Its immediate support is at 1.07191 & the resistance is at 1.08201
After consistently going lower over the previous weeks, EUR/USD has changed direction and is attempting to climb higher. As of right now, we can observe that the EUR/USD is experiencing rejection from the same level twice and developing a double top pattern. Price is currently within a support zone, and if this zone is breached, further declines are likely.
EUR/USD TECHNICAL ANALYSIS: DAILY CHART
In the daily chart, EUR/USD is trading in the down channel.
EUR/USD is currently trading below all SMA.
RSI is in the selling zone, which shows bearishness. Stochastic is suggesting no trend.
Its immediate support is at 1.07184 & the resistance is at 1.07601
On the daily chart, the EUR/USD is steadily falling and trading in a downward channel. Currently, the EUR/USD is trading in an important zone; if this support is broken, more decline is expected.