The outlook for the euro is becoming increasingly settled now following the sharp volatility in the wake of the FOMC meeting on 18th March. What we are now seeing are the momentum indicators flattening off on a near to medium term basis and the price beginning to settle around the 21 day moving average which is also beginning to settle. The intraday chart shows the consolidation means that the uptrend formed in the past 10 days is being broken, whilst it is apparent that the pivot level around $1.0900 could now be forming a 50 pip band of resistance up to $1.0950. The hourly MACD lines suggest that the bulls have lost the upside impetus as the recent rebound has rolled over at the neutral line, whilst the Stochastics and RSI also suggest there is no longer an outright bullish outlook. The support is now in at $1.0807, but the low at $1.0766 protects the outlook from turning bearish now as we wait for direction to form.
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