Yet another set of selling pressure fell upon the
EUR/USD pair today. The US dollar is getting stronger, the pair is marking its
lowest level for the last almost 12 months and is currently trading at 1.0556.
The US marco data released today posted positive
numbers, much better than expected. The FOMC
minutes from today’s meeting are confirming the market attitudes for the
upcoming rates hike. Given above the US dollar’s elevation seems to be
reasonable.
During the afternoon trading the pair posted intraday
low at 1.0523 even though shortly afterwards managed to recover slightly.
Technical readings are showing oversold market. RSI is
placed at 30% area, while stochastic is displaying strong bearish
momentum.
Currently the EUR/USD pair is exposed to further
downward slope, having in mind that is placed below 1.0600 area and also below
the moving averages.
Immediate resistance is seen at 1.0605, where now is
lying the 20-day SMA. Support is located at 1.0525 and lower at
1.0500.
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