Following the ECB’s rate cut, the EURUSD is currently supported at 1.2925, not seen since July 10th, 2013. Next support by technical analysis can be seen at 1.2742. Failure to break higher than 1.309 we are likely to see bearish action on the Euro continue.
StochasticsOscillator have given an oversold signal but the candle has not given us any signs of reversing. Watch the 8 moving average and the 20 moving average (red and blue) before committing to this pair and not to catch a falling knife!
The market’s selling of the Euro may have subsided from the looks of the Traditional MACD but the candles do not show any signs of reversal. Stay vigilant for any further shorting signals on this, with the Fibonacci levels in black as the resistances for sell entries.
Expected Resistance: 1.309
Expected Support: 1.2925