EUR/USD: negative momentum configuration is in place [Video]

Richard Perry Independent Analyst

EUR/USD

The outlook for EUR/USD has turned increasingly corrective in recent sessions. A run of negative candles where intraday rallies are sold into has taken the market to eight week lows. Negative momentum configuration is in place with the RSI mid-30s, MACD line falling below neutral and Stochastics stuck in bearish territory. There is an element of settling down early today and it may be that another near term low is forming. However, there is sizeable resistance of overhead supply $1.1065/$1.1100 to limit any real recovery and would be a source of a likely next selling opportunity within the four week downtrend channel. Pressure on $1.0980/$1.1000 looks set to be a feature of the coming days/weeks.

Author

Richard Perry

Independent Analyst

Richard Perry, Independent Market Analyst, has over 20 years of experience working in financial markets in London.

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