Technical analysis
The EMA(50) and the EMA (100) crossed, which is advantageous for opening an order
The EMA(100) is above the EMA(50), which is beneficial for bears
The RSI is below 50
The MACD line is below 0, showing a neutral direction.
What the possible outcomes are
The eurozone annualized GDP missed the expectation figures, so EURUSD turned for a decline before today’s U.S. Retail Sales release.
In our most likely scenario, the pair may experience a downward correction towards the first support level of 1.17587.
If the price passes the first support level, we can expect a continued downtrend towards the second support level of 1.17511.
Conversely, it’s possible to see the pair rise towards the first resistance level of 1.17790.
If the pair surpasses the first resistance level, we should expect a continued surge towards the second resistance level of 1.18062.
Key levels
Support 1.17587 1.17511
Resistance 1.17790 1.18062
