The technical setup is tantalizing…especially with all of the bullish commentary by ECB officials. Only a matter of time until the $EURUSD collapses…completely contrarian at the moment.
$EURCHF adhering to long-term descending channel and Fibo retracements as noted last week.
$EURUSD finding resistance at 61.8 Fibo; support at 50.0 Fibo and 20-SMA at 1.3640.
$EURUSD hit top of channel, and 38.20 Fibo, and fell 20-pips. With no news on the horizon, look for the pair to oscillate within its channel. More info here.
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$EURUSD entrenched in ascending channel since early December, looking to test 20-SMA before continuing steady decline towards 38.2 Fibo at 1.3399.
$EURCHF holds in channel down pattern. Extends losses from 38.2 Fibo to 23.6 Fibo at 1.29047, as expected. Bias remains to the downside amid risk sell-off, though a brief retracement could occur.
$EURUSD hitting resistance at 38.2 Fibo at 1.36011 on Feb1-14 move. Nearing overbought conditions on RSI, while MACD Histogram, while still bearish, is trending towards a bullish divergence. $EURUSD could test 50.0 Fibo at 1.36504 before continuing depreciation.
$EURUSD breaks out of pennant to the downside, bearish momentum confirmed.
$EURCHF set to test 38.2 Fib (1.32031) if it can break through 100-SMA at 1.31590.
Pennant appears to have formed…could continue lower before testing upper trend line. $EURUSD bounced off of 23.6 fib at 1.35883 (Feb2-Feb7 move)…next significant resistance is pennant range top at 50.0 Fib at 1.36820.
