EURUSD Daily Chart:
After forming another lower high at 1.1249, EURUSD retreated again for trading currently near 1.1085 in its third consecutive day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.1242.
The pair is now trading below its daily SMA50 and its daily SMA100 after short lived period above them ended to forming another lower high at 1.1249, while it is still undermined over longer range by continued trading below its daily SMA200.
Having a lower low at 1.1026 helped the pair to continue its series of lower highs by giving it longer space to form another lower high at 1.1249 below its recent lower high at 1.1285 and its formed peak at 1.1412 on last Jun. 25.
The daily chart shows that EURUSD RSI-14 is referring now to existence inside the neutral region reading 38.240.
While EURUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside the oversold territory below 20 at 12.031 in intersection with its signal line which is lower inside the same area at 11.140.
This indicator is showing now crossover probability again inside the oversold territory, but with higher low this time can cause convergence to the upside but it is in need of holding above 1.1026 to avert extension to the downside, after a period of forming relatively close lower highs since peaking at 1.1621 on last Oct. 16.
Important levels: Daily SMA50 @ 1.1217, Daily SMA100 @ 1.1216 and Daily SMA200 @ 1.1286
Experienced S&R:
S1: 1.1026
S2: 1.0838
S3: 1.0569
R1: 1.1249
R2: 1.1285
R3: 1.1412
Have a good trading day
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din
After forming another lower high at 1.1249, EURUSD retreated again for trading currently near 1.1085 in its third consecutive day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.1242.
The pair is now trading below its daily SMA50 and its daily SMA100 after short lived period above them ended to forming another lower high at 1.1249, while it is still undermined over longer range by continued trading below its daily SMA200.
Having a lower low at 1.1026 helped the pair to continue its series of lower highs by giving it longer space to form another lower high at 1.1249 below its recent lower high at 1.1285 and its formed peak at 1.1412 on last Jun. 25.
The daily chart shows that EURUSD RSI-14 is referring now to existence inside the neutral region reading 38.240.
While EURUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line inside the oversold territory below 20 at 12.031 in intersection with its signal line which is lower inside the same area at 11.140.
This indicator is showing now crossover probability again inside the oversold territory, but with higher low this time can cause convergence to the upside but it is in need of holding above 1.1026 to avert extension to the downside, after a period of forming relatively close lower highs since peaking at 1.1621 on last Oct. 16.
Important levels: Daily SMA50 @ 1.1217, Daily SMA100 @ 1.1216 and Daily SMA200 @ 1.1286
Experienced S&R:
S1: 1.1026
S2: 1.0838
S3: 1.0569
R1: 1.1249
R2: 1.1285
R3: 1.1412
Have a good trading day
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din