EUR/USD: minor recovery needs to break 1.0800 – FXStreet
FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that the American dollar is giving back some of its recent gains this Monday, albeit the decline is barely corrective, given that the greenback has reached overbought levels against most of its rivals last Friday.
Key Quotes:
“The EUR/USD pair has reached a daily high of 1.0789 as local share markets retreated some, but the upside remains limited. Early data showed that German trade balance reached a surplus of €22.9 billion in September 2015, whilst exports and imports jumped well above expected in September, reversing the declines from previous months.”
“With only some minor reports scheduled for the American session, the pair remains below the 1.0800 level, with limited upward potential in the short term, as the 1 hour chart shows that the Momentum indicator has host its upward strength after recovering above its 100 level, whilst the RSI indicator is resuming its decline around 45, having corrected the extreme oversold readings reached last Friday.”
“In the 4 hours chart, the 20 SMA maintains a strong bearish slope above the current price, offering an immediate resistance around 1.0820, whilst the technical indicators have turned south well below their mid-lines and after correcting extreme oversold readings, supporting further declines particularly on a break below 1.0700.”
Valeria Bednarik, chief analyst at FXStreet noted that the American dollar is giving back some of its recent gains this Monday, albeit the decline is barely corrective, given that the greenback has reached overbought levels against most of its rivals last Friday.
(Market News Provided by FXstreet)