EURUSD: Bearish forces on the drivers seat - Natixis

Micaella Feldstein, Research Analyst at Natixis, suggests that the break below 1.1075 (monthly Bollinger moving average) for EURUSD has affected markedly her view for a new rise of the cross to 1.1280-1.13 (daily Bollinger upper band).

Key Quotes

“The emergence of downside bubble on the daily chart and the sell signals on the weekly indicators add weight to our bearish view.

Against this backdrop, we recommend keeping a lookout at 1.0972-1.0980 (weekly Bollinger lower band). The break of these supports would trigger a new decline to 1.09 ahead of 1.0860 (Fibonacci extension) and 1.0810 (monthly parabolic). The resistances stand at 1.1075, at 1.1119, at 1.1170- 1.1190, at 1.1280-1.13 and at 1.1368.”