The common element in all bottom pointsof EurUsd in the last 4 bear markets is the exhaustion that has arrived with a 6-monthRSI in oversold territory (below 30).
Even now we have entered this phase and we should consider this factor in future analysis, but some data are confirming that the bear market of the euro is not yet over.
Meanwhile, all of the bear markets have had swinging between 20 and 37 figures from the highs (and for now we are at 11, and this makes us think that the oversold is expected to increase in the coming months.
Second point, the monthly MACD. It has been very clever in July to mark the launching of a new bearish phase, and hardly the falling phase of EurUsd will be finished before the signal line falls below zero. There might be an exception in 2006, but honestly that was a correction in a bull market, while we are now into a trend characterized by lower highs now since 2008.
Recommended Content
Editors’ Picks
AUD/USD: Further losses retarget the 200-day SMA
Further gains in the greenback and a bearish performance of the commodity complex bolstered the continuation of the selling pressure in AUD/USD, which this time revisited three-day lows near 0.6560.
EUR/USD: Further weakness remains on the cards
EUR/USD added to Tuesday’s pullback and retested the 1.0730 region on the back of the persistent recovery in the Greenback, always against the backdrop of the resurgence of the Fed-ECB monetary policy divergence.
Gold flirts with $2,320 as USD demand losses steam
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
Bitcoin price dips to $61K range, encourages buying spree among BTC fish, dolphins and sharks
Bitcoin (BTC) price is chopping downwards on the one-day time frame, while the outlook seen in the one-week period is a horizontal trade. In this shakeout moment, data shows that large holders are using the correction to buy up BTC.
Navigating the future of precious metals
In a recent episode of the Vancouver Resource Investment Conference podcast, hosted by Jesse Day, guests Stefan Gleason and JP Cortez shared their expert analysis on the dynamics of the gold and silver markets and discussed legislative efforts to promote these metals as sound money in the United States.