Technical Analysis: EURUSD

EURUSD hit a one-week low

On Tuesday, EURUSD fell from a high level. At one point, it hit a one-week low of 1.1743.

Spanish inflation growth slowed down in December

Spanish CPI, y/y (December) fell from 3.0% to 2.9%, according to the data from the National Statistics Institute. Spanish inflation increased at a slower pace in December, but it is still much higher than the average level in Eurozone. All of this supported the Fed keeping the interest rate unchanged.

The USDX rose steadily

On Tuesday, the USDX was steady above the 98 mark. It ended up 0.21% at 98.22.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, EURUSD fell from a high level in the short term. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that EURUSD will rise further. Investors should focus on whether EURUSD will break through the support at 1.170. It will fall with potential support at 1.166 if it breaks below the support at 1.170.

4-hour chart

On the 4-hour chart, EURUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether EURUSD will break through the resistance at 1.177. It will fall if it rebounds but is capped at 1.177.

Key resistance: 1.177,1.181

Key support: 1.170,1.166

Generally speaking, the bearish market trend prevailed in the short term. Investors could sell as EURUSD rebounds during the day.