The
EUR/USD pair continues to suffer and today extend its decline to 1.775 with
current market price 1.1777. The marco agenda today counld’t affect much the
pair’s behavior as NFP day tomorrow will provide larger impact. And having ECB
and Fed meetings next week we will witness really thrilling development on the
pair.
On the four hour time frame the price is situated below flat 100-day SMA and bearish
20-day SMA, while the 200-day SMA is keeping neutral stance and is provide
support at 1.1745. RSI is located within negative territory and is showing bearish
momentum. Stochastic is displaying extreme oversold conditions, below 20 level
and has lost directional strength.
With US Senate intending to extend the debt ceiling and avoid a government
shutdown and US dollar might add some fuel, otherwise the pair is poised to
extend its decline towards the support at 1.1715, having the expectations of
NFP tomorrow.
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