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Downward Pressure May Continue for EURUSD

November 2, 2020
in ANALYSIS, Forex, Technical Analysis
Reading Time: 2min read
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EURUSD Daily Technical Analysis
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EURUSD – Speculative Net Position (CME)

Eurusd has been facing pressure since September as bulls started to take a little step back from their long positions. Speculative net positions have been trending since March but the trend failed in September. Since then eurusd fell more than %2. But this may be just a little bump in the road.

EURUSD – Downtrend from 2008

Long-term trend of eurusd which starts from 2008 crisis, had passed over to the upside this summer. And the fall we saw lately may be a back test to this trend line. As long as the price stays over 1.1540, downside moves can become buying opportunities. But if the price closes below 1.1540 for a few days that is another story.

Daily EURUSD since March, Z-Score (200)

Currently, eurusd testing its last bottom, 1.1612. If this support break below, 1.1540 can be the next target. The horizontal support in 200 days moving average z-score is failing. This may be a downside move signal for the short term.

If  1.1612 support holds, we may see a upward move toward 1,17 this week.

Tags: AnalysiseurusdForexTechnical Analysis
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