29/06 EURUSD This Week

From a weekly technical point of view, Euro bullish attempts have died out. RSI has bounced again from a neutral 50 level, which acts as a resistance, only this time forming a lower high on a chart. Nevertheless, moving average convergence, divergence has further formed a lower bar below a line, indicating that bullish pressure has not weakened.

Chart 1 – EURUSD – Weekly Time-frame, EURUSD This Week: Bounce of RSI and MACD’s lower bar Chart 1 – EURUSD: faded bullish power with expected Gap

From a daily technical point of view, both RSI and MACD have formed a lower high. With RSI finishing the week below a neutral 50 level and MACD aiming for a 0 point. Providing bearish pressure to the market. If weekly and daily bearish sentiment would be confirmed, the price would fall to Fibonacci’s 23.6% @ 1.074.

Chart 2 – EURUSD – Daily Time-frame, Lower highs Chart 2 – EURUSD Lower highs

The move towards it could be confirmed by breaking May’s Pivot line at 1.109. Afterwards, Fibo 50% and a psychological level at 1.10 would be open. IF broken, previous low at Fibo 38% @ 1.088 will be next.

Read also: ECB Cut off Greek banks?

Alternatively, price break of Fibonacci’s 100% @ 1.147 would signal a bullish continuation towards Fibo 123.6 @ 1.169.

Currently, the price is at stagnation point between previous week’s Pivot line at 1.124 and Fibo Fan’s 50%.

Chart 3 – EURUSD – Temporary consolidation Chart 3 – EURUSD – Temporary consolidation

It is all about Greece for EURUSD this week. A fail to comply creditors’ demands is likely to end up with Grexit, which is to change the market sentiment. For other fundamental news that can affect the market check – 29/06 weekly fundamental calendar.

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