The EURUSD had a bearish week start, which, indicates that this pair has a desire to want to continue the long-term trend: bearish.
The EURUSD is approaching to the psychological support level of 1.30, a significant level at which many traders, they decide to buy or sell, in large quantities. Currently, the EURUSD is below the 200 day moving average but we must be careful, because this pair can bounce up and could make a breakout in the resistance level 1.3115. On the other hand, if the EURUSD does a breakout with a bearish candlestick on the psychological support level of 1.30, we could see falls in this pair, to the next support level at 1.2870, in the medium term.
The MACD indicator is showing signs of overbought in this pair, which could support the hypothesis that the EURUSD finished making the correction in its primary trend (bearish).
In the fundamental outlook, we must pay attention to what have to say today, the ECB’s president, Mario Draghi, at 14:00 GMT, whose comments, could generate a lot of volatility in all EUR pairs.
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