Sasha Singh
All posts from Sasha Singh
Sasha Singh in Sasha Singh,

EURUSD : Testing Support From 100 day SMA

EUR weakened against US dollar today in a thin holiday trade. The pair broke the key resistance at 1.3803 and currently testing support from 100 day SMA. The next support level the pair will find is at 1.3789. In broader terms, the pair seems to be consolidating within a descending triangle giving a signal of bearish trend continuation. The pair might rise from the support at 1.3789 until it find resistance from the falling resistance line of the triangle. However if it continues to decline and break this support level, it will find the next support at 1.3778. Investors are waiting for the US housing data which is coming out tomorrow.