R3: 1.3031
R2: 1.2985
R1: 1.2934
S1: 1.2837
S2: 1.2791
S3: 1.2740
For Monday, the EURUSD is now showing flat pattern in its candlestick sentiment from yesterday’s oversold levels, as prices are now moving sideways in its momentum, due to its Bollinger Bands 21 line closing in its lines for prices to move in a horizontal pattern. Currently, prices are now moving now at 1.2877 and might stay on such range at the moment, and might show more flat movement for the coming hours. As its 5-day EMA, 9-day SMA and 21-day SMS is now showing flat trend in its pattern. As its 63-day SMA (olive line) and 84-day SMA (black line) does indicates that prices might create sideways movement and might continue to show more negative trading for the coming session as prices are now being hindered by the Bollinger Bands 21, as its lines are now closing in.
In its economic outlook, the markets are now showing slight negative signals, as the Euro strength is again undermined, this time due to the annual inflation data in the region, as most expect it to hold at the lowest in three years, a level that opened the door for the European Central Bank to cut the benchmark interest rate earlier this month. In addition, Markets saw some hectic movements yesterday, when gold prices bottomed at $1,400 a barrel for the first time in more than three weeks as the Greenback surged against major currencies, while the euro continues to stretch the downward trend ahead of key inflation data from the 17-nation bloc.
Thus, expect prices to show flat bullish trends as its RSI (14) and MACD (9, 26, 12) showing that prices is now near in the median level.
