EURUSD retreated to be trading currently near 1.1580, following spiking to 1.1593 during the Asian session in its fifth day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.1764.
Today EURUSD spike which has been shy of penetrating 1.16 level could be enough to show reversing sign over the short term by containing yesterday falling to 1.1504 to be a newer higher low above its formed bottom at 1.13 level in the middle of last August.
However 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 existence inside the neutral region reading 44.335
While EURUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line at 16.328 inside its oversold area below 20 but leading to the upside its signal line which is lower at 11.568, after positive crossover inside the overbought area.
Important levels: Daily SMA50 @ 1.1602, Daily SMA100 @ 1.1642 and Daily SMA200 @ 1.1936
Experienced S&R:
S1: 1.1504
S2: 1.1300
S3: 1.1109
R1: 1.1814
R2: 1.1851
R3: 1.1996
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din