EUR/USD Technical Analysis: Bias Bearish Amid Conflicting Cues

EUR/USD Technical Strategy: SHORT AT 1.1648

  • Euro technical positioning offers conflicting cuesacross time frames
  • Overall trend bias continues to favor weakness against the US Dollar
  • Short trade still in play, FOMC minutes may offer directional clarity

See our Euro forecast to learn what is likely drive prices in the fourth quarter!

The Euro is hovering near the middle of choppy range confining price action against the US Dollar for over four months, with technical positioning offering mixed signals on where prices may go from here.

The daily chart is inconclusive. A recovery above the 1.1514-58 zone bisecting the trading range might have been expected to open the door for upside follow-through, but confidence in such an outcome is degraded after a downside break through the same barrier failed to deliver earlier this month. That might imply that the hurdle itself may be losing significance in the minds of traders.

EUR/USD Technical Analysis: Bias Bearish Amid Conflicting Cues

Zooming out to the weekly chart, signs of a bottom may be forming. The outlines of a jagged Head and Shoulders (HS) bottom have appeared

Article source: https://www.dailyfx.com/forex/technical/home/analysis/eur-usd/2018/10/15/EURUSD-Technical-Analysis-Bias-Bearish-Amid-Conflicting-Cues.html