EUR/USD: are there encouraging signs for the bulls? [Video]
|EUR/USD
There continues to be pressure on the multi-month support around $1.0980/$1.1000, however, the selling pressure does look to be easing slightly. The FOMC meeting has passed with little fanfare and although the outlook on EUR/USD remains corrective, are there also encouraging signs for the bulls? It is still too early to say, as with RSI hovering in the low 30s, Stochastics in bear configuration and MACD lines falling, there is still little sign of buying pressure. Despite this though, the importance of $1.0980/$1.1000 will grow the longer it remains as a basis of support. There is still a downtrend channel and overhead supply in the area $1.1040/$1.1065. We also see rallies as a chance to sell (until the market can close decisively above the old pivot $1.1100). However, another early consolidation today suggests that the time for another rebound could be near.
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.