EUR/USD: negative momentum configuration is in place [Video]
|EUR/USD
The outlook for EUR/USD has turned increasingly corrective in recent sessions. A run of negative candles where intraday rallies are sold into has taken the market to eight week lows. Negative momentum configuration is in place with the RSI mid-30s, MACD line falling below neutral and Stochastics stuck in bearish territory. There is an element of settling down early today and it may be that another near term low is forming. However, there is sizeable resistance of overhead supply $1.1065/$1.1100 to limit any real recovery and would be a source of a likely next selling opportunity within the four week downtrend channel. Pressure on $1.0980/$1.1000 looks set to be a feature of the coming days/weeks.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.