The pair reached the trend line during this week. Is it time for a correction? Let’s try to analyze it.
Technical analysis features
Looking at the 1D TF 200-EMA is moving down, which means that the trend is bearish. The trend line is heading down along with the MACD lines.
Looking at the working 4H TF, the pair broke 9-EMA down. The Parabolic SAR reversed and gave a signal to sell. The MACD lines are approaching each other. The possible target for the price is 0.7000.
Summary: taking into consideration the global bearish trend and the signals from indicators on its 4H TF – it’s better to think of short positions.
We have to expect the most interesting pieces of fundamental news on Thursday. At 5 p.m. SNB Gov Board Member Maechler is going to speak.