The US Federal Reserve
decided to keep the rates unchanged, so the episode of the saga will be presented
in December. On Thursday the President Trump will finally announce
his favourite for the next Fed's head. The
European agenda had nothing to offer
today, while within USA positive economic figures
were released.
In this picture EUR/USD edged lower, but yet remained range bounded as is seen during
the recent sessions. The pair is currently trading at 1.1622 with 0.2% lower
for the day.
From technical point of view, the short term outlook remains bearish. On the
four hour time frame the price has
crossed to below all its moving averages, having bearish 100-day and 200-day SMAs and the
20-day SMA is staying flat, few pips above the current price.
RSI is slightly below its mid-line and has lost directional strength. Stochastic
is displaying strong bearish momentum and is aiming sounth.
Immediate support is seen at 1.1575 (the October’s low) and in case of breaking
it to below, doors are opened for testing 1.1540. Looking to the upside, first
challenge for the bull is located at 1.1670 (the upper side of the recent
range) and next is presented by the psychological level at 1.1700.
However, EUR/USD will be trilled by Trump’s decision on next Fed’s head and grennback’s
reaction.
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