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

EUR/USD

Overview
Today last price 1.0914
Today Daily Change 0.0002
Today Daily Change % 0.02
Today daily open 1.0912
 
Trends
Daily SMA20 1.1049
Daily SMA50 1.1096
Daily SMA100 1.107
Daily SMA200 1.1122
 
Levels
Previous Daily High 1.0958
Previous Daily Low 1.0908
Previous Weekly High 1.1089
Previous Weekly Low 1.0942
Previous Monthly High 1.1225
Previous Monthly Low 1.0992
Daily Fibonacci 38.2% 1.0927
Daily Fibonacci 61.8% 1.0939
Daily Pivot Point S1 1.0894
Daily Pivot Point S2 1.0876
Daily Pivot Point S3 1.0844
Daily Pivot Point R1 1.0944
Daily Pivot Point R2 1.0976
Daily Pivot Point R3 1.0994

 

 

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