Technical Analysis: EURUSD

EURUSD fell to a one-week low

On Monday, EURUSD continued falling. At one point, it broke below the 1.180 mark and hit the lowest level since 23rd January. 

Eurozone manufacturing PMI was better than expected in January

Eurozone Manufacturing PMI (January) rose from 49.4 to 49.5 Vs. 49.4 (forecast), according to the data from Markit.

The USDX continued climbing

On Monday, the USDX continued rising, and came close to the 98 mark for some time. It ended up 0.49% at 97.61.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, EURUSD was prone to fluctuation and fell. The bearish market trend prevailed in the short term. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that EURUSD will decline further. Investors should focus on whether EURUSD will break through the support at 1.174. It will fall with potential support at 1.167 if it breaks below 1.174.

4-hour chart

On the 4-hour chart, EURUSD was prone to fluctuation and fell. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the bearish market trend prevailed. Investors should focus on whether EURUSD will break through the resistance at 1.184. It will decline if it rebounds but is capped at 1.184.

Key resistance: 1.184,1.190

Key support: 1.174,1.167

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