EURUSD could not maintain a place yesterday above 1.13 and today it could not reach this level to find currently aggregated selling pressure driving it closer to 1.1250 to contain all of yesterday rebounding try sending dovish sign over the short term.
This downward wave can be extended to the downside for opening new range of trading has not been seen since Jun. 27 2017, in case of breaking last Nov. 12 supporting level at 1.1215 raising the downside momentum.
EURUSD is now in its seventh day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.1432.
The pair is still depressed by continued trading below its daily SMA50, its daily SMA100 and also its daily SMA200.
EURUSD daily RSI-14 is referring now to lower existence inside the neutral region reading 38.432
While EURUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line barely inside the neutral territory at 20.301 close to its oversold area below 20 leading to the downside its signal line which is higher at 23.440, after negative crossover inside the neutral area.
Important levels: Daily SMA50 @ 1.1387, Daily SMA100 @ 1.1403 and Daily SMA200 @ 1.1529
Experienced S&R:
S1: 1.1215
S2: 1.1109
S3: 1.0838
R1: 1.1341
R2: 1.1514
R3: 1.1569
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din