Fed-related negative mood from late last week keeps holding
most majors. EUR/USD is hovering around 1.1700 and currently has settled at
1.1687. The pair continues trading within tight range with no clear clues. On the
four hour time frame the price is developing above its flat moving averages. RSI
has lost directional strength and is located around its mid-line. Stochastic
has turned sharply to downside and is showing strong bearish momentum. Bulls
continue the fight for the 1.1700 level although the selling pressure remains
strong between 1.1750 and 1.1720. The downside remains supported by 1.1685 and
lower at 1.1650. Most likely the big movement will come on Thursday, when
the ECB has its monetary policy meeting.
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