EURUSD is hovering around its central pivot
The left chart shows EURUSD daily price action. As can be seen it is in mark-down phase This is characterised by a bearish EMA formation. 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.
The right chart shows hourly price action. Price found resistance at a key level with a confluence of factors including, price resistance (green rectangle), 76.4% Fibonaccian retracement and an overbought stochastic (green ellipse).
The mark-down phase coincides with strong USD demand and muted EU inflation data.
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.