Forex world

November 17, 2022

EURUSD slides towards 100-HMA inside weekly triangle

- EURUSD remains pressured around intraday low, snaps two-day uptrend.

- Downside break of immediate support line joins bearish oscillators to keep sellers hopeful.

- Bullish triangle challenges the downside bias beyond 1.0290 support.

EURUSD justifies immediate support break to welcome bears after a two-day uptrend. That said, the Euro pair drops 0.25% intraday as sellers flirt with the 1.0370 level during early Thursday.

Not only a downside break of a two-day-old ascending trend line but bearish MACD signals and the RSI (14) retreat also favor the EURUSD sellers.

Read more: Best Currency Pairs To Trade Forex

However, a bullish triangle formation is in play since Monday and keeps the buyers hopeful unless the quote breaks the 1.0290 support level comprising the lower line of the stated pattern.

It should be noted that the 100-HMA offers immediate support near the 1.0340 level while a rejection of the bullish triangle could quickly drag the quote toward the 200-HMA support of 1.0180.

Even so, an upward-sloping support line from November 04, close to 1.0145 by the press time, could act as the last defense of EURUSD bears.

Alternatively, the pair buyers need to witness an upside break of the nearby support-turned-resistance line, near 1.0380, to retake control.

Following that, the aforementioned triangle’s resistance line around 1.0410 will be crucial as a clear upside break of the same will confirm the bullish chart pattern and challenge the monthly peak of 1.0480.

EURUSD: Hourly chart

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