EURUSD retreated to be trading currently close to 1.1640, after facing difficulty to overcome 1.1851 resisting level which has been formed on last Jun. 14 to be satisfied by forming merely a lower high at 1.1814 in the beginning of this week.
The pair is now trading just below its daily SMA100 in a closer place to its daily SMA50, undermined over longer range by continued existence below its daily SMA200.
EURUSD is now in its second day of being below its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.1811, after yesterday rising of the downside momentum.
With no sign of containing yesterday slide, Further falling can be met by intermediate support at 1.1617, whereas the pair rebounded on Sep. 17, while the next supporting level has been formed previously at 1.1525, after bouncing up from 1.13 level in the middle of last August.
EURUSD daily RSI-14 is referring now to existence inside the neutral region reading 48.214
While EURUSD daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line at 14.716 inside its oversold area below 20, leading to the downside its signal line which is higher in the neutral area at 37.146, after negative crossover just below the overbought area.
Important levels: Daily SMA50 @ 1.1611, Daily SMA100 @ 1.1651 and Daily SMA200 @ 1.1941
Experienced S&R:
S1: 1.1617
S2: 1.1525
S3: 1.1300
R1: 1.1814
R2: 1.1851
R3: 1.1996
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din