EUR/USD’s EMAs Are Still In A Bearish Stack

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the EURUSD. We note that currency pair’s EMAs are still in a bearish stack. 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 downside momentum has diminished slightly as per the contraction of the EMAs. However, the RSI(9) is below 50 and still indicative of an underlying bearish momentum (blue rectangle). If the EMAs start expanding again it will be a sign that the bearish momentum is accelerating.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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