This week the EUR/USD
pair is quite shy and is not showing any spectacular movements as did last week.
Honestly the pair is seen in quiet consolidation and caught within tight range
between 1.1526 and 1.1600. In fact markets have nothing interesting to offer
today but the greenback however keeps its multy months highs.
Technically speaking the short-term outlook remains neutral to bearish. On the
four hour time frame the price is developing below its flat moving averages. RSI
has eased around its 43 level while stochastic is showing good upward strength
slightly above its mid-line.
First resistance is provided by the dynamic 20-day SMA currently being at 1.1590
and next one comes with 1.1645, the weekly high. Looking to the downside the
pair yet remains vulnerable for further decline is closing below 1.1550. And if
so, I expect bears to test 1.1510 which level if broke would open doors for
1.1460.
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