Technical Analysis: EURUSD

EURUSD broke below the 1.17 mark

On Tuesday, EURUSD was prone to fluctuation and fell. It broke below the 1.17 mark. It ended down 0.28% at 1.1687.

The USDX reached a two-week high

On Tuesday, the USDX rebounded. It ended up 0.28% at a two-week high of 98.59.

Eurozone services PMI failed to meet expectations in December

Eurozone Services PMI (December) fell from 52.6 to 52.4 Vs. 52.6 (forecast), according to the data from Markit.

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 terms of technical indicators, MACD went downwards after death cross occurred, showing that EURUSD will decline further. Investors should focus on whether EURUSD will break through the support at 1.166. It will fall with potential support at 1.161 if it breaks below 1.166.

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, KDJ 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 1.172. It will fall if it rebounds but is capped at 1.172.

Key resistance: 1.172,1.176

Key support: 1.166,1.161

Generally speaking, the bearish market trend prevailed in the short term. Investors should focus on Eurozone CPI (December) during the day.