EURUSD has formed bearish equidistant zig zag channel

1 min read
tarantula fx

tarantula fx

Forex broker

2015-08-31_9-03-27

Most important release for EUR last week was German inflation which came out to be better then expected, while USD was boosted by a better-then-expected GDP (3.7 %) which is a sign of US economy expanding. EURUSD dropped to 1.1170 zone on end of month ( EOM ) profit taking.

Technically EURUSD is contaied within a bearish equidistant zig zag after touching 1.1700 zone and we can see that 1.1250 couldn’t have withstood bearish pressure. POC ( H4, 61.8, EQ channel top ) comes in 1.1250-60 zone and there could be rejection towards 1.1170 , 1.1105 and 1.1030. We could expect some buying in the lower zone ( 1.1105 / 1.1030 ). MACD is showing a slow grind withing its own channel while still below 0 line which indicates bearish momentum even on H1 timeframe. Bearish zig zag is valid as long as 1.1310 is not broken.

read the original article on AdmiralMarkets.com

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