EUR/USD: Nearing major pivots
29 MAY 2018
The high intensity down trend remains in play. Major support is however coming in range around 1.1450. Here the pivots of 2015-2017 coincide with the 50% retracement (weekly) and the lower regions of the cloud. Overall, some consolidation or short-covering is expected. It is however noteworthy that intraday divergence of loss of momentum is still not visible; gambling on a recovery is extremely dangerous and unjustifiable at this point.
We do suggest covering some shorts (40%-50%) in anticipation of further developments. For the next 1-3 months a zig-zag recovery up to ~1.1850 followed by a renewed sell-off seems most likely. Again, we need the give the market some time to reshuffle.
Near term trend: negative
Long term trend: neutral/slightly negative
Outlook: possible long-term trend reversal
Strategy: partially cover short @ support
Support: 1.1450 / 1.1420 / 1.1210-
Resistance: 1.1850 / 1.1920 / 1.2030 / 1.2150+
Outlook cancelled/neutralized: above 1.1920 (!)
The high intensity down trend remains in play. Major support is however coming in range around 1.1450. Here the pivots of 2015-2017 coincide with the 50% retracement (weekly) and the lower regions of the cloud. Overall, some consolidation or short-covering is expected. It is however noteworthy that intraday divergence of loss of momentum is still not visible; gambling on a recovery is extremely dangerous and unjustifiable at this point.
We do suggest covering some shorts (40%-50%) in anticipation of further developments. For the next 1-3 months a zig-zag recovery up to ~1.1850 followed by a renewed sell-off seems most likely. Again, we need the give the market some time to reshuffle.
Near term trend: negative
Long term trend: neutral/slightly negative
Outlook: possible long-term trend reversal
Strategy: partially cover short @ support
Support: 1.1450 / 1.1420 / 1.1210-
Resistance: 1.1850 / 1.1920 / 1.2030 / 1.2150+
Outlook cancelled/neutralized: above 1.1920 (!)
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.