EURUSD could bounce. Technical analysis
Tech analysis by Simon Kazinsky on 2014–11–06 07:35:55 EST
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EURUSD is stuck in the 1.24 — 1.25 area after its quick descend from its 1.40 high earlier this year. As we advised, the drop left behind an unprecedented extreme reading on the RSI indicator that hinted the decline could reverse or at least pause for quite a while. There are multiple descending moving averages and a trendline that could cap any potential rise as the chart above shows. On a longer time frame we are waiting for a decisive break and a weekly close below 1.24 to change our long term outlook from bullish to bearish for this pair. Retail traders are buying the pair but not by much. The ratio stands to 53/47 at this hour.
Check other technical analysis for other pairs: GBPUSD technical analysis, USDJPY technical analysis, SPX technical analysis.
