EUR/USD Has Strong Day But EMAs Are Still Bearish
The below is the daily chart of the EURUSD. Yesterday was a very strong day for the EUR. In this regard the RSI(9) has crossed above 50 in support (blue rectangle). However, to call a change in trend is, in our opinion, premature. The trend following indicators are still in a bearish stack (red rectangle). I.e. the green 5-day EMA is below the orange 13-day EMA, and the orange 13-day EMA is below the black 34-day EMA. If the green 5-day EMA crosses above the orange 13-day EMA it will put the EMAs into a neutral formation. As such we continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
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