September 9, 2018

Orbex, Fundamental & Technical Outlook - EURUSD likely to decline further in the near term

From a technical perspective, the reversal off the 1.1730 level suggests a potential decline to the downside.

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This article is originally referred from Orbex Technical Analysis.

The EURUSD was seen closing with modest declines last week. The declines came following the previous week’s doji close.

Price action in the short term suggests a potential decline in the near term. The euro currency was mostly on the backfoot last week.

Economic data was sparse with Markit’s manufacturing and services PMI coming out over the week.

Data showed that the Eurozone’s economy continued to chug along at a healthy pace.

The initial estimates for the third quarter suggest that the GDP in the eurozone might have advanced 0.4%.

This marks the same pace of gains as seen in the previous quarter ending June 2018. On the political front, last week was relatively quiet.

EURUSD (1.1563) – Daily Chart

From a technical perspective, the reversal off the 1.1730 level suggests a potential decline to the downside.

Immediate support is found at 1.5400.

This also marks a possible head and shoulders pattern that is evolving.

A breakdown below the neckline support at 1.5400 could trigger further declines to 1.1400 level.

However, with the ECB meeting due next week, we could expect to see some volatility in store..

Original Source: Orbex Technical Analysis

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