EURUSD Forex Analysis - Trend Reversal At 1.0635 Monthly Resistance

Watch the video for a summary of this week’s news releases, a review of the USD Index, and a complete top down analysis of the EURUSD.

EURUSD Monthly:

Monthly support at 1.0340, resistance at 1.0635.

Monthly chart is in a downtrend. Price has rallied back to the 1.0635 monthly resistance level.

EURUSD Weekly:

Weekly support at 1.0368, resistance at 1.0615.

Weekly chart is in an uptrend. Price has advanced back to test the 62% fib retracement level of this year’s trading range.

EURUSD Daily:

Daily support at 1.0479, resistance at 1.0601.

Daily chart is in an uptrend. However, price has reversed back below the 1.0635 monthly resistance level. MACD has crossed down and is showing negative divergence.

Watching for a lower bottom lower top to form to confirm a change in trend and a decline back down to retest the 1.0340 monthly support level.

Short term target 1.0340 monthly support. Long term target 1.0000 level.

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