EURUSD runs into sellers again around 1.1338
Euro/US Dollar (EURUSD) Technical Analysis Report for Mar 14, 2019 | by Techniquant Editorial Team
EURUSD ended Thursday at 1.1304 losing 24 pips (-0.21%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (EURUSD as at Mar 14, 2019):
Thursday's trading range has been 44 pips (0.39%), that's below the last trading month's daily average range of 58 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EURUSD.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
The Euro closed back below the 20-day moving average at 1.1318. After having been unable to move above 1.1339 in the previous session, the FX pair ran into sellers again around the same price level today, failing to move higher than 1.1338. The last time this happened on March 7th, EURUSD actually gained 0.37% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 1.1339 where further buy stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for EUR/USD. Out of 654 times, EURUSD closed higher 52.45% of the time on the next trading day after the market condition occurred.
With four out of the other six Major FX Pairs closing lower today, the ones that stand out on the negative side are GBPUSD losing -0.73% and NZDUSD closing -0.48% lower. On the flipside the best performers have been USDJPY closing 0.48% higher and USDCAD gaining 0.26%. Looking at the Minor FX Pairs and Crosses, the winners of the day have been CHFZAR surging 0.82% and USDZAR closing 0.8% higher. The worst performers of the day have been GBPHKD tanking -0.73% and GBPCHF closing -0.72% lower. Read more