EUR/USD: The Monthly Chart is in a large Down channel

Tian Kriek

Analyst


September 20, 2019 07:10 AM

BEARISH

Daily Trading Range:
EUR/USD: The Monthly Chart is in a large Down channel and if you plot the Down Fibs then there is a Monthly D extension at 1.0000 (Parity). On the Weekly time frame there is also a down Fibonacci swing with its D extension way below parity at 0.9300. There is also a Bearish Crown with the D extension at 1.0500. As long as price remains below 1.1200 I expect price to continue bearish. The Daily Fibs are also in a down swing with the D extension at 1.0870. The Smart Gauge is neutral suggesting that price will consolidate before breaking to downside. On the 2 Hour chart I see that the Fib .382 has not been hit. In the event that the .382 is hit (just above 1.1100) then I shall look for a sell

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 1.2650
Resistance 2: 1.2090
Resistance 1: 1.2150
Current Price 1.1039
Support 1: 1.1420
Support 2: 1.1350
Support 3: 1.1300

Two Hour Chart

Two Hour Chart
The market is moving can you keep up?