EUR/USD Weekly Technical Report 28/7-1/8/2014
ecPulse
2014-07-28 07:31AM UTC
Friday’s long bearish candle confirms the ongoing downside pressure on the pair since the breakout below 23.6% correction at 1.3525. Trading below this level will push the pair lower to test 1.3375 areas. This week, a breakout below 1.3375 is needed to confirm the extension of the downside move toward 61.8% correction at 1.3230.
Linear Regression Indicators are negative and MACD is moving lower below zero and that supports the extension of the general downside move. A breakout below 1.3375 is important to offset any upside attempts due to oversold signals on momentum indicators.
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