OctaFX | OctaFX Forex Broker
Open trading account

EUR/USD Technical Analysis: Confirms a near-term bearish breakdown on dismal Euro-zone PMIs

   •  After repeated failures near the 1.1320-30 region, the pair came under some renewed selling pressure on Thursday and tumbled to fresh weekly on dismal Euro-zone PMI prints.

   •  The negative momentum dragged the pair below 200-hour SMA and the lower end of a short-term ascending trend-channel formation, confirming a near-term bearish breakdown.

   •  Oscillators have been gaining negative traction on 4-hourly/daily charts but are already pointing to slightly oversold conditions on the 1-hourly charts, warranting some consolidation.

   •  However, the set-up now seems to have turned firmly in favor of bearish traders and hence, a follow-through weakness, towards testing the 1.1200 mark, remains a distinct possibility.

EUR/USD 1-hourly chart


Markets: Focus on the US Mueller Report today - Rabobank

According to analysts at Rabobank, today’s major news focus is going to be the US Mueller Report, which will soon be released in a lightly-redacted fo
Read more Previous

USD/JPY slumps to fresh weekly lows at 111.75, then rebounds

The USDJPY pair finally broke its recent range trade around the 112 handle and lost nearly 20-pips quickly, as the safe-haven bids for Yen got a fresh
Read more Next
Start livechat