FenzoFx—EUR/USD declined from $1.1571, as anticipated, due to overbought signals from the Stochastic and RSI 14 indicators. The pair now trades below the 50-period simple moving average, near $1.1350.
The Stochastic Oscillator has dropped below 20, suggesting the U.S. dollar is overvalued short-term. As long as the price remains above the $1.1259 support, the bullish outlook holds. Potential upside targets include $1.147 and $1.1571.
Bearish Scenario: If the price falls below $1.1259, bearish momentum may drive EUR/USD toward the next support at $1.1146.
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The Stochastic Oscillator has dropped below 20, suggesting the U.S. dollar is overvalued short-term. As long as the price remains above the $1.1259 support, the bullish outlook holds. Potential upside targets include $1.147 and $1.1571.
Bearish Scenario: If the price falls below $1.1259, bearish momentum may drive EUR/USD toward the next support at $1.1146.
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All at FenzoFx Decentralized Forex Broker
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Knowledge Should Be Free – And So Is Your Path to Trading Success.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.