- August 9, 2023
- Posted by: Lewis Miller
- Category: Market News
Bearish Momentum: EUR/USD Analysis
In the analysis of EUR/USD, an ongoing smooth bearish trend has materialized, characterized by consistent lower lows and lower highs. Complementing this trend, the Relative Strength Index (RSI) approaching the 30 level and the impending crossover of shorter-term and longer-term Simple Moving Averages (SMAs) introduce crucial technical aspects warranting attention.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
In the context of EUR/USD, a prevailing smooth bearish trend has become evident. This trend is substantiated by consistent lower lows and lower highs on the price chart, suggesting sustained selling pressure. The Relative Strength Index (RSI) approaching the 30 level indicates a potential oversold condition, implying the possibility of a price correction or even a reversal in the near future. Additionally, the impending crossover of the shorter-term Simple Moving Average (SMA) below the longer-term SMA highlights a potential shift in momentum towards the downside. Traders should remain vigilant for any potential price retracements or potential reversal patterns, as market dynamics react to these significant technical cues.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.