Strong US
equities and positive macro data supported the greenback, while no significant
news came from Europe and EUR/USD was set on huge selling pressure today.
Technically speaking the short term outlook remains neutral to bearish. The pair is down with 0.53% for the day and as seen on the four hour time frame the price crossed to below its moving averages. The current market price is 1.2302 where bears found support at 50% Fibonacci retracement of latest upsurge. RSI and stochastic are located within extreme oversold territories and both are showing strong bearish momentum.
Should the bears succeed to break the above mentioned support level, next target is provided by the 63.8% Fibo at 1.2265.
Technically speaking the short term outlook remains neutral to bearish. The pair is down with 0.53% for the day and as seen on the four hour time frame the price crossed to below its moving averages. The current market price is 1.2302 where bears found support at 50% Fibonacci retracement of latest upsurge. RSI and stochastic are located within extreme oversold territories and both are showing strong bearish momentum.
Should the bears succeed to break the above mentioned support level, next target is provided by the 63.8% Fibo at 1.2265.
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