FX.co ★ EUR/USD

EUR/ USD Price Watch The EURUSD currency pair using a daily timeframe, where in the last few days the candlestick has indeed experienced a bearish condition far below the yellow Simple Moving Average 60 indicator. For this month's trading session, it seems that the candlestick condition is still more dominant in experiencing a bearish trend movement with a fairly wide range of decline. The market movement on Monday started from level 1.0531. Since the beginning of last week, buyers have pushed the price up to level 1.0611, but in the end, the seller's army managed to dominate the market so the price fell back down to the range of level 1.0548. Monitoring the Simple Moving Average indicator where the price is getting closer to it, it is likely that this condition will continue until the end of the month if the seller's army is able to consistently maintain its dominance over the market below the price level of 1.0650. If you pay attention to the instructions given by the MACD indicator, the position of the histogram bar can be seen below level zero with a small size which illustrates that the bearish trend is still dominant in accordance with the direction of the market on the major timeframe. The Lime line on the Relative Strength Index indicator (14) is near level 30. The results of monitoring using the three support indicators have shown a trend that is still moving towards a bearish trend.

To add technical data references, next, I will look at the market movement through the H4 timeframe chart where the candlestick position since entering the end of September is still playing above the Simple Moving Average indicator but until now it has dropped below it. The bearish market condition actually started at the beginning of October with a significant decline and in the end, the market trend had to move down deeper in the trading session last Wednesday, even though on Monday there was an attempt to rise which made the candlestick move up.

Meanwhile, the Lime Line in the Relative Strength Index indicator (14) is still consistently moving below level 50 which is an indication that the market trend in the bearish zone is still valid. In my opinion, this condition shows that the dominance of the seller troops is still strong and most likely still waiting for further fundamentals in order to provide a significant movement effect and is estimated to have more potential to go down tonight. Conclusion: From the results of reading technical data on several indicators used to analyze price movements on the EURUSD currency pair using the Daily and H4 timeframes, it has been seen that most indicators still show candlesticks that consistently move in the direction of the bearish trend. For the next market condition, according to my estimate, the next bearish movement will target a decline in the range of level 1.0470.