Last week EUR/USD took a walk on mysterious roads,
mainly marked by bearish signs. The pair broke below the key support at 1.0910
and bottomed at 1.0858. It was hardly pressured by the monetary policy
divergence driven by ECB, while Fed most likely is paving the way for a
December rate hike.
The short-term expectations remain bearish. The week
started with trading even lower as the common currency nears a seven month
low level of 1.0822.
It seems that the will continue falling and is going
to test the support area 1.0825 - 00. A clear break and daily close below that
area could lead the pair to neutral zone and possibly testing 1.0715 level.
Immediate resistance is seen at 1.0910 and in case of clear break and daily
close above it , most likely the pair will test the 1.1000 zone.
RSI is showing oversold
conditions, the stochastic is placed within extreme values and both confirming
bearish conditions.
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