EUR/USD Technical Analysis: Flirting with descending trend-channel support ahead of US GDP
• The pair remained under some heavy selling pressure through the mid-European session on Friday and is now testing the lower end of a downward sloping trend channel.
• Meanwhile, technical indicators on hourly charts have slipped into oversold territory and now warrant a brief pause/consolidation ahead of the US GDP growth figures.
• Given market concerns over Italy's budget, even a slightly better than expected US macro data might be enough to confirm a near-term bearish breakdown below YTD lows.
EUR/USD 4-hourly chart
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EUR/USD
Overview:
Last Price: 1.1337
Daily change: -1.9e+2 pips
Daily change: -1.68%
Daily Open: 1.1531
Trends:
Daily SMA20: 1.1571
Daily SMA50: 1.1584
Daily SMA100: 1.1623
Daily SMA200: 1.1909
Levels:
Daily High: 1.154
Daily Low: 1.1531
Weekly High: 1.1622
Weekly Low: 1.1433
Monthly High: 1.1816
Monthly Low: 1.1526
Daily Fibonacci 38.2%: 1.1496
Daily Fibonacci 61.8%: 1.1472
Daily Pivot Point S1: 1.1453
Daily Pivot Point S2: 1.1392
Daily Pivot Point S3: 1.1351
Daily Pivot Point R1: 1.1555
Daily Pivot Point R2: 1.1596
Daily Pivot Point R3: 1.1657