By CountingPips
EUR/USD remains above Major Support & Resistance Level
The EUR/USD currency pair has failed to provide much movement in today’s forex trading action and hovers above the 1.3000 major level at the end of the US trading session. The pair is consolidating at the 200-day moving average (purple line) and has been in a trading range from approximately 1.3000 to 1.3200 since the daily close on April 8th.
Outlook for this pair is bearish on the long term and a neutral-to-bearish leaning in the short term with a close and break below 1.3000 confirming the downtrend. Downside targets of 1.2875 and 1.2750 would loom on a breakdown. A close and break above the previous support/resistance level around 1.3150 would push the case for short term bullish bias and bring the 1.3300 level into play.
EUR/USD Data & Trends
Pivot Point Levels:
Weekly Pivot Point: 1.30922
Monthly Pivot Point: 1.28883
Linear Regression Indicator Trend Strength Data:
30-day current trend is BULLISH / Trend strength of 261.9 pips
60-day current trend is BEARISH / Trend strength of -324.3 pips
90-day current trend is BEARISH / Trend strength of -551.0 pips
180-day current trend is BULLISH / Trend strength of 216.0 pips
365-day current trend is BULLISH / Trend strength of 332.3 pips
Article by CountingPips Forex Research
