EUR/USD Price Analysis: Notable bounce elusive despite oversold intraday conditions
|- EUR/USD is sidelined near 1.09 at press time, having charted a lower high near 1.11 earlier this month.
- Intraday charts are reporting oversold conditions, but so far, the bounce has remained elusive.
The single currency is struggling to gather upside momentum despite signs of seller exhaustion on intraday charts.
For instance, the relative strength index (RSI) on the 4-hour chart is hovering below 30. Meanwhile, the hourly chart RSI is reporting a bullish divergence.
So far, however, that has failed to inspire the buyers, leaving the pair sidelined just above 1.09. That said, a corrective bounce could still be seen during the European session.
Any gains, however, could be short-lived as the recent slide from 1.1095 has put the single currency on track toward 1.0879 (Oct. 1 low). A violation there would expose the next support lined up near 1.0840.
Hourly chart
Trend: Bearish
Technical levels
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.