The EUR/USD currency pair on the daily time frame has been following a downtrend since 24 September. The price dipped below 1.1200 for the first time in 8 months on 7 March and recorded a low of 1.11803. Weaker than expected US jobs data gave a boost to the EUR/USD but the currency pair failed to make a strong recovery as EUR/USD is still hovering around 1.1230.
The daily chart of the EUR/USD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms. The lowest value of the period under study was recorded on 7 March when the price registered the low of 1.11803. The price attempted a recovery after weaker than expected NFP numbers but failed to sustain as the price is still struggling around 1.1230
By applying Oscillators analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/USD currency pair. RSI (Relative Strength Index) shows values below 50 which supports bearish sentiment in the market.
In alternative scenario, price need to breach the first resistance level of 1.14207 (High of 28 February) in order to regain the bullish momentum, but as of now it seems really difficult for the EUR/USD due to ongoing strength in the US Dollar.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
The daily chart of the EUR/USD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms. The lowest value of the period under study was recorded on 7 March when the price registered the low of 1.11803. The price attempted a recovery after weaker than expected NFP numbers but failed to sustain as the price is still struggling around 1.1230
By applying Oscillators analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/USD currency pair. RSI (Relative Strength Index) shows values below 50 which supports bearish sentiment in the market.
In alternative scenario, price need to breach the first resistance level of 1.14207 (High of 28 February) in order to regain the bullish momentum, but as of now it seems really difficult for the EUR/USD due to ongoing strength in the US Dollar.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.