EUR/USD dropped today and marked a two week
low at 1.1915, a level that has not been visited since late December and down
with 0.30% for the day.
The greenback’s rally is shuffling now. The strength given by Fed's speakers
yesterday do not weight today as softer than expected macro data put an halt on
US dollar’s demand.
EUR/USD was pressured by the initial support provided by th 50% Fibonacci retracement
of last week’s bullish run at 1.1903. As seen on the four hour time frame the
pair bounced of this support and is currently trading at 1.1933. However on the
same chart the 20-day SMA has turned sharply to south and the price is
developing well below it. RSI and stochastic are located within extreme
oversold territories and both have lost directional strength.
Additional declines are expected toward the 61.8% retracement of same rally
(1.1875) in case the pair returns back to 50% Fibo, coinciding with the 100-day
SMA .
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