EUR/USD: dollar bulls have not managed to regain control [Video]
|EUR/USD
The euro rally has run out of steam in recent sessions, but it is also notable that the dollar bulls have not managed to regain control either. The result has been that EUR/USD is consolidating around an old pivot band $1.1060/$1.1075. What is also notable is that momentum indicators have flattened off around their neutral points, with RSI and Stochastics around 50, and MACD lines almost entirely at zero. This consolidation is reflected in the hourly chart where the hourly RSI has oscillated between 35/65 for the past two days. Resistance is building between $1.1080/$1.1090 as the market searches for direction. Initial support at $1.1040/$1.1050 which is protecting the market from a slip back to the $1.0990 pivot again. However, we are increasingly neutral on EUR/USD between $1.0990/$1.1090.
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.