TECHNICAL TOOLS
Resistance and support lines, Trendlines, Price action, Candlestick Pattern, MACD, RSI, Simple Moving Average and Stochastic Fast Indicator. Charts are analyzed from the Dukascopy4 trading platform.

EURUSD Weekly Chart
  • The MACD on the weekly chart is in the negative zone and falling.
  • The RSI is falling.
  • The Stochastics is also falling.
  • The pair has closed the week below 50 periods SMA.
Keeping these facts in mind the pair may see a downmove in coming weeks. Also, the 50 SMA will be restricting the move higher.

EURUSD Daily Chart
  • The MACD on the Daily chart is in the negative zone and falling.
  • The RSI is very negative.
  • The Stochastics headed South.
  • The pair has closed the day below 50 periods SMA.
From the facts above we can deduce that the pair will fall as the indicators are mostly pointing South. The 50 SMA and the broken neckline of the Head & Shoulder pattern at 1.1570 will be restricting the price in the daily time frame.

PREDICTION
The targets of the broken pattern are at 1.05880 which is equal to 981 pips. If the neckline and 50 SMA holds then pair may see 1.08410 levels. I shall keep the target of 1.11250 levels until 01 Oct 2018.
Happy trading to all.
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