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EURUSD is under selling pressure but near to a support area!

Thursday, February 7, 2019 3:50 PM GMT

Earlier today, Germany’s Industrial Production s.a. was increased to -0.4% in relationship with -1.3% of the previous month. On the other side, US Initial Jobless Claims were declined to 234K (Previous: 253K).

Reviewing the daily technical aspect, EURUSD is respecting the channel (C1), while is currently testing the daily support (S1). Additionally, RSI is moving within the 40 to 50 zone, which is supposed to act supportively during an uptrend and Stochastics is oversold.

Overall, the setup indicates a potential reversal near to the down side of the channel (C1). If price breaks out the 72.8% Fibonacci retracement level to the upside, the buyers may take the control of the pair, offering a bullish opportunity to the market.

Daily

On the other hand, if price violates the trendline (C1) to the downside, then the setup is busted.

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.

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