Market Technical Analysis by RoboForex

[RBFX Support]

EURUSD remains under pressure and may decline towards 1.1060

Weak eurozone data and the Fed’s hawkish stance continue to weigh on EURUSD. The main scenario provides for a break of support at 1.1410 and a further decline in the pair towards 1.1060.

Technical outlook

On the daily timeframe, EURUSD quotes are trading in a descending channel and are approaching the key support at 1.1410. The MACD indicator is in negative territory, which is increasing pressure on the pair. 

Technical analysis of EURUSD points to the continuation of the downward trend and a possible further fall in the EURUSD rate.

Read more - EURUSD Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team