FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair has recovered from a fresh multi-month low set at 1.0833 during the Asian session, initially falling on a strong advance in local share markets.
Key Quotes:
“The EU released its September Retail Sales figures earlier today, which fell by 0.1% against the expected rise of 0.2%, maintaining the upside limited in the pair. Nevertheless, the pair trades around its daily high as Pound weakness triggered some EUR demand through the EUR/GBP, but meeting some selling interest around 1.0900. The 1 hour chart shows that the price has advanced above its 20 SMA, whilst the technical indicators head slightly higher above their mid-lines, in line with a continued upward correction, should the pair extend beyond 1.0900.”
“In the 4 hours chart, however, the bearish potential prevails, as the price stands well below a bearish 20 SMA, whilst the technical indicators have turned flat well below their mid-lines after correcting the oversold readings reached earlier in the day.”
(Market News Provided by FXstreet)