Technical Analysis – EURUSD slips aggressively around 1.0900
May 11, 2023 8:28 am
EURUSD is plunging beneath the 200-period simple moving average (SMA) and the crucial line of 1.0940. As the pair continues to exhibit its negative structure and the technical oscillators also confirm this view, the outlook is turning to a more bearish one. The RSI is pointing down beneath the 50 level, while the MACD is extending its negative momentum below its trigger and zero lines.
More losses could open the door for a rest around the 1.0910 support ahead of the 1.0830 barrier that would endorse the downward wave.
On the other hand, a successful climb above the 1.0940 resistance and the 200-period SMA could take traders until the 20- and the 50-period SMAs around 1.0985 and 1.1005 respectively. A potential bullish movement could occur only if there is a rise above the previous peaks of 1.1095.
To sum up, EURUSD is posting a significant negative candle, potentially shifting the short-term outlook to bearish.
EURUSD is plunging beneath the 200-period simple moving average (SMA) and the crucial line of 1.0940. As the pair continues to exhibit its negative structure and the technical oscillators also confirm this view, the outlook is turning to a more bearish one. The RSI is pointing down beneath the 50 level, while the MACD is extending its negative momentum below its trigger and zero lines.
More losses could open the door for a rest around the 1.0910 support ahead of the 1.0830 barrier that would endorse the downward wave.
On the other hand, a successful climb above the 1.0940 resistance and the 200-period SMA could take traders until the 20- and the 50-period SMAs around 1.0985 and 1.1005 respectively. A potential bullish movement could occur only if there is a rise above the previous peaks of 1.1095.
To sum up, EURUSD is posting a significant negative candle, potentially shifting the short-term outlook to bearish.
Related Posts: