Technical analysis of EURUSD dated 09.05.2016

EURUSD is under the influence of some news factors such as the negative Fed rate expectations, Non-farm announcement by the US and the Industrial production in Spain. EURUSD is staying neutral for now but there is no chance of further rise at this moment. The support lies at 1.13730 with resistance at 1.14310 which both lines are below the weekly pivot point at 1.14680. The EMA of 10 is moving close to the EMA of 50 below the pivot point line as well. All indicators are showing price decline; MACD indicator is in negative territory, the RSI is below the 50 level and the stochastic is confirming the downward trend. It seems that the pair is going to continue its fall within the descendant channel. The support level breakthrough will pave the way for further decline targeting 1.1260.

https://fxglory.com/technical-analysis-of-eurusd-dated-09-05-2016/