EURUSD Trade Example - Standard Analysis

Fighting the market trend these days is useless.
The EUR/USD pair plummeted for a third week in a row, down to 1.0703 this Friday, amid a shockingly positive US employment report. Ending the week at levels not seen since late April and below the 1.0800 level,  the pair seems to have set the tone for the rest of the year, or at least, until the December FED's meeting, as all of the ongoing dollar's strength is based on speculation that the US Central Bank will raise its rates then.

The EUR/USD pair plummeted for a third week in a row, down to 1.0703 this Friday, amid a shockingly positive US employment report. Ending the week at levels not seen since late April and below the 1.0800 level,  the pair seems to have set the tone for the rest of the year, or at least, until the December FED's meeting, as all of the ongoing dollar's strength is based on speculation that the US Central Bank will raise its rates then.

Anyway, the dollar is back the king, and  fighting the trend these days, is useless. The longer term picture has turned strongly bearish, as the weekly chart shows that the price accelerated its decline below its 20 SMA, whilst the technical indicators head strongly south below their mid-lines. In the daily chart, the technical indicators head sharply lower in oversold territory,  while the 20 SMA has crossed below its 100 SMA and is about to break also below the 200 SMA, all of which supports a continued decline.  The pair has a support around 1.0660, where it posted several daily lows earlier this year, and a break below it should lead to a retest of the year low, 200 pips lower at 1.0461, in the upcoming weeks.
Advances up to the 1.0840 region, the base of these last months' range, will be seen as selling opportunities. Given the extreme oversold readings present also in the shorter term, the pair can...Read more

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