Daily Market Analysis from ForexMart

[Andrea ForexMart]

EUR/GBP Technical Analysis: November 15, 2016

 

The EUR/GBP pair lost its sellers below the 0.86 region for the third consecutive session, maintaining the currency pair’s stance over the key levels in the light of a highly active economic calendar. The market is expecting the release of Germany’s GDP report for the third quarter of 2016. The CPI data for the UK is also expected to exhibit an increased cost of living for the nation at 1.1% for October. The GDP report for the European Union is also expected to get significant attention from market players as it gets released later in the session.

 

The increased activity in the economic calendar could lead to an increase in stock market activity, which will then have a significant impact on the demand for EUR. The EUR/GBP is currently trading at the 0.8610 range, and incessant bounces from the 0.86 handle could possibly cause the pair to break through the handle and could lead the pair to trade at 0.8652 points and 0.85. On the positive territory, if the pair manages to go above its 100-DMA of 0.8628 then this could cause the pair to go over 0.8664 and possibly even reach its zero figure of 0.8700.

 

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 15, 2016

 

The JPY was subject to selling pressure following a speech from the Bank of Japan’s Haruhiko Kuroda. The Japanese yen was unable to receive substantial support from domestic demand in spite of the positive output for the Japanese GDP for the third quarter. Meanwhile, the USD was subject to increased buying pressure, causing the USD/JPY pair to increase in value. The currency pair’s value continued to trade along the upper range, with the pair testing the 108.00 range, where it remained until the end of the London trading session. The New York session saw the USD/JPY break through its previous level and buyers were able to extend profits beyond the 108.00 region.

 

The USD/JPY’s 4-hour chart shows the pair going well beyond its current moving averages, while the pair’s 50, 100, and 200 EMAs showed a significant increase in value. Resistance levels for the USD/JPY is currently at 108.50, while support levels are expected to be at 108.00. The pair’s technical indicators are all situated at the positive region. The USD will have to go beyond 108.00 in order to maintain the pair’s bullish stance and to keep the pair going up to 108.50. Sellers are also expected to make a comeback in the market, with the 106.50 as their primary aim for the USD/JPY.

 

 

 

[Andrea ForexMart]

USD/CAD Technical Analysis: November 17, 2016

 

The USD CAD bolstered yesterday despite the recent decline in petroleum prices. The pair touched the ascending channel and trades to a lower boundary. The barrier found at 1.3400 region and provide the means for breaking the two-day decline. The price rebounded from the oversold level and continued to make an upward trend. The greens were able to surpass the 1.3470 level after the EU trades. The pair favorably widens its gains and headed to the 1.3540 mark consequent to the break-even of the aforesaid level. The bullish spike softened after testing the 1.3500 region.

 

Moreover, the pair pass through selling pressure and promptly turn back to the opening price. The price reverse to the 50-EMA as indicated in the 4-hour chart. Moving averages expanded its gains in the same timeframe. Resistance stayed at 1.3470, support hold the 1.3400 region. MACD settled at the centerline of both indicators. An entry on the positive territory will indicate strength for the buyers and the negative zone would imply that sellers will manipulate the market. RSI is in the oversold zone and approached northwards. The USDCAD pair appeared to bullish. The consolidation occurred on top of the 1.3470 level strengthened the position of the buyers.

 

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 21, 2016

 

The U.S. dollar subsided for a while but remained strong demonstrated by U.S. Economy that is still on track towards the target numbers. The higher chances and expectations for the next rate hike this December further boosts the dollar.

 

Hence, the market trend remains positive as it continued to move up on last week's Friday session. The price stayed at an upward direction within its high ceiling. However, the momentum halted at 111.00 level but still was able to revive its record highs overnight.

 

The moving averages shows a bullish trend. The Resistance level is found at 111.00 while the support comes at 110.00 level. Other technical indicators depicted a positive outlook for the pair supported by buyers as seen in the the MACD. The RSI indicators is close to overbought area that tells a sign to go higher level soon.

 

The market has to maintain the current level at 110.00 to sustain is bullish tone. It would be favorable for buyers to further expand their gains if the price breaks at 111.00 level. Therefore, the price could further go up to 112.00 mark. As for seller, it is possible to reverse the trend by exerting the price to move lower towards the 109.00 level.

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 22, 2016

 

The Japanese yen exhibited significant losses during Monday’s session following the release of a negative-leaning Merchandise Trade Balance data. Meanwhile, the USD has been subject to buying interests due to increasing expectations of an eventual Fed rate hike in December.

 

Although the USD/JPY pair was unable to increase further and reverted immediately after testing the 111.00 trading range, the currency pair was able to remain in the positive territory during the last trading session. As of now, the pair’s value is still in an upward direction and has somewhat shifted from its previous limit. The pair’s price went slightly higher in the USD/JPY’s 4-hour chart. Resistance levels for the currency pair can be found at 111.00 points, while support levels are expected to be at 110.00 points.

 

The MACD indicator for USD/JPY dropped, indicating a decrease in buyer positions. The MACD also exhibited a bearish stance for its hourly chart, while the RSI indicator for the pair was able to remain within its overbought readings. If the USD/JPY pair fails to go beyond 111.00, then this could cause the USD to drop in value and plummet to 110.00 points. If the pair breaches the 110.00 range, then this could lead to further decreases up to 109.00 points.

[Andrea ForexMart]

AUD/USD Technical Analysis: November 22, 2016

 

The Aussie continues its decline from 0.7778 level as is expected to stayed with the 0.7310 level to 0.7460 level in the following days. However, the climb from 0.7310 level is a form of consolidation. If the resistance level remains strong, the decline will persist and could even go lower at 0.7200 mark. The decline is supported when a break is seen at its Physiological levels.

 

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 23, 2016

 

The Japanese yen increased in value following the news release regarding the earthquake that hit the country, but quickly retreated after the Bank of Japan released a statement saying that the Japanese economy is still well on its way to improvement. The JPY remained within a tight trading range around multi-month highs during Tuesday’s trading session, with the pricing of the USD/JPY pair staying within the 110.00-110.50 region for the rest of the day. The currency pair was able to trade above its moving averages in its 4-hour chart, with the moving averages sustaining their bullish trend.

 

Resistance levels for the USD/JPY pair are expected to be at 112.00 points, while support levels for the pair are expected to come in at the 111.00 trading range. The MACD indicators for the currency pair weakened, indicating a drop in buyer positions. Meanwhile, its RSI indicators remained within the overbought territory. If the USD/JPY pair manages to sustain its bullishness, then the next short-term aim for the pair is located at 112.00 points. If the USD/JPY pair manages  to go beyond this particular level, then the currency pair is expected to extend its gains towards the 113.00 trading range.

 

 

[Andrea ForexMart]

USD/CHF Technical Analysis: November 23, 2016

 

In the H4 chart, the price was seen to break at 1.01 handle that pushed the support levels higher within the 1.0155 - 1.0129 levels. The Resistance level showed a weaker stance from 1.02939 to 1.0131 levels. There are some facets to consider to sell this pair. One is the H4 handle steadied at 1.01 handle even though there are offered seen within the supply zone. Another is the uncertainty in the current daily support at 1.0086 mark.

 

The trend could shift downward when the price closed lower than 1.01 level while there is less volatility. However, when there is a break at 1.0037 daily Quasimodo line, the price could reach the 1.0029 level to 0.9994 and 1.0019 levels. The best stance would be the price lower by 14 pips towards the 1.01 handle then a retest within the resistance zone.

 

The downward trend will be validated when the price in the H4 chart reached the 1.0086 support level with a probability towards the Quasimodo line.

 

Major news to be declared today are the U.S. Core durable goods data and U.S. Jobless claims this afternoon while the Federal Open Market Committee minutes of the meeting will be disclosed in the evening.

[Andrea ForexMart]

EUR/JPY Technical Analysis: November 24, 2016

 

Yen has depreciated resulting to breaks on the top psychological levels as seen on different pairing with yen. However the most sensitive among all those pairs is euro against Japanese yen. There is a tendency for the European Quantitative Easing could further decline the Euro in the coming weeks. If this persists with the Resistance levels sitting atop the price movement, it is best for traders to be careful with their next move.

 

The psychological level at 120 handle is significant for this pair which is 10 pips further than the 61.8% Fibonacci retracement considered as a 16-year move for the pair. Those who are waiting to trade in higher levels, they could suspend their trading  until there is a clean break seen until the bulls could push the price higher. This could become an opening to look for new psychological levels in the next move.

 

 

[Andrea ForexMart]

USD/CAD Technical Analysis: November 24, 2016

 

The Canadian dollar against greenbacks moves in a consolidated state close to low psychological levels. The next move could be a rebound to 1.3500 level as what happened yesterday. There is less volatility in the market during the Asian and Euro trading session but it there has been a high activity during the U.S. session in preparation for Thanksgiving holiday which was further supported by the strong U.S. economic data.

 

The pair bounced higher than 1.34 level next to 1.35 level towards 1.3525 zone. This was induced by the reports from Iraq requesting to cut output of oil producers while balancing the market supply and demand. The current demand is stable while the oil price is predicted to climbed in the next days to come. This cause the loonie to rally and strengthen yesterday and retreated at the same time. The pair moves in an uptrend reaching 1.35 handle although it moves in a slow pace.

 

There is no major economic news for today from U.S. or Canada area. Hence, the current trend will remain bullish and consolidated.

[Andrea ForexMart]

USD/JPY Technical Analysis: November 28, 2016

 

The USD has just clinched its highest trading range for eight straight months against the JPY after the US bond yields continued to surge during the Asian trading session after the US market holiday. The ascending trend for the currency pair continued, with the price of the pair extending beyond its upper limit at 114.00 points before inching lower. The downward direction of the pair caused it to lose momentum at the 113.00 trading range during the start of the London session and remained until the end of the session. The pair’s 1-hour chart encountered its barrier at the 50 EMA, lending a strong support for the currency pair.

 

The moving averages for the currency pair maintained its bullish stance within its set timeframe. The pair’s resistance levels are expected to be at 114.00, while its support levels are expected to be at 113.00. The MACD indicators for the currency pair weakened, indicating a decrease in buyer positions. Meanwhile, its RSI indicators have already left the overbought range.

 

The USD/JPY is expected to go beyond the upward channel if the pair would be able to go lower than 112.00. In order to diminish the effect of the present upward pressure, sellers will have to induce the pricing of the pair to go lower than 111.00. Or else a move towards 113.00 will cause a positive reaction and could trigger the pair to reach the 114.00 trading region.

 

[Andrea ForexMart]

AUD/USD Technical Analysis: November 28, 2016

 

Base metals, ore, in particular, presented a positive outlook on Friday which supported the Aussie to strengthen. The AUDUSD were able to expand its short-term upward trajectory and made a higher high on the same day.

 

The AUD entered the 0.7450 level but suddenly fell flat to reclaim it. The pair tested the level, moved lower and stayed within the 0.7450 region ahead of the opening of NY session. Both Aussie and greens made a reversal from its daily high and rebounded to the area of 0.7400 amid the North American trading session.

 

According to in the 4-hour chart, the pair broke the bearish 50-EMA whereas the indicator’s growth appears to be sluggish. Moving averages (50, 100 and 200 EMAs) expanded its declines as shown in the same time chart. Current resistance can be found at 0.7450, support pierced the 0.7400 region. MACD arrived in the positive zone. RSI accelerated touching the overbought territory.

 

There is a possibility for the pair to continue an upward trajectory near the 0.7500 when it breaks the level on top of the 0.7450. Should the pair stayed down from the 0.450, the price will edged lower and reverse its gains. In light of this, sellers were able to push the price towards 0.7350 and 0.7300.

[Andrea ForexMart]

USD/JPY Technical Analysis: November 29, 2016

 

The USD further dropped in relation to the JPY due to ambiguities surrounding oncoming economic events such as the release of the Non-farm Payrolls data and the minutes of the OPEC meeting, prompting a lot of investors to clamp down on their deals. The pricing of the USD/JPY pair sustained its upward direction during Monday’s trading session but remained within its lower levels and made small reversions during the Tokyo session. However, as the European session opened, the currency pair started speeding up its increase and ultimately reverted back to 113.00 just before the start of the New York session.

 

The hourly chart of the USD/JPY pair showed that its pricing was able to go beyond the 100 EMA during the middle of the London session and tested the 50 EMA towards the closing of the London session. The currency pair’s 200 and 100 EMAs went up further while the 50 EMA slowly went towards the neutral territory in the same chart. The resistance levels for the USD/JPY is expected to be at 113.00, while its support levels are expected to be at 112.00.

 

The MACD indicators for the currency pair inched higher, indicating an added strength in buyer positions. Its RSI indicators also moved upwards. For this week, the USD/JPY is expected to make a comeback, with the first bull target slated to be at 113.00 points. If the pair manages to reach this level, then the pair could possibly extend its gains toward 114.00 points.

[Andrea ForexMart]

EUR/USD Technical Analysis: November 29, 2016

 

The remarks made by Mario Draghi was the center of attraction of the market yesterday. As investors anticipated for an improvement in policy and economy, as well as other concerns related with the June 23 referendum. Meanwhile, bears became active again this time. The previous recovery loses its gains around the 1.0700 region. The pair withdrawn from its recent highs and lowered down towards 1.0650 level amid post-EU hours. Moreover, seller's maneuvered the price near the 1.0600 during the EU session. The price pushed the 200-EMA below and found a barrier within the 50 and 100 EMAs as indicated in the 1-hour chart. The 200-day moving averages headed downwards, the 100-day average has established a neutral stance and the 50-day heightened. The resistance settled at 1.0650, support entered the 1.0600 level. The MACD increased and specified weaker position for the sellers. RSI headed southwards.

[Andrea ForexMart]

GBP/USD Fundamental Analysis: November 29, 2016

 

The GBP/USD pair was subject to downward pressure during the previous trading session as monthly cash flows combined with a slight increase in  the USD triggered the pair to drop from its highs of 1.2500 to just below 1.2400 points. Every month, the market always expects added selling pressure for the GBP since the UK pays its EU membership fees every month. As a result, the value of the EUR/GBP increases, and the GBP becomes subject to significant losses.

 

There are also some speculations that the Brexit process will be subject to a number of legal challenges which could cause the process to be delayed altogether, and the schedule of events for the Brexit process could possibly go haywire. The UK government is also questioning the decision of the High Court for a Parliament debate first before pushing through with the Brexit process, while the Parliament is already preparing for the said debate just in case that the High Court refuses to overrule its previous decision on the Brexit process. The strength of the GBP would definitely be affected by these expected delays in the Brexit process and could have an adverse effect on the UK economy in general.

 

For today’s trading session, there is no major economic news expected from the UK. However, the US will be releasing its Advanced GDP data and this could increase the market volatility, with a consolidation possibly happening together with a bearish stance.

[Andrea ForexMart]

USD/CAD Fundamental Analysis: November 29, 2016

 

The pair USD/CAD has been on a spree but with no direction since OPEC hasn’t reached an agreement yet. Oil prices came at a low price yesterday morning the reports came in at the afternoon with Iraq would participate alongside with other OPEC members in reducing production output but there are also reports saying the opposite where countries like Iran and Iraq have no plan of any production cuts.

 

Loonies are dependent to the oil market pricing as it strengthens relative the oil prices. The pair was seen to begin trading at 1.3500 level then later set in close to the support at 1.3400 after the news has been released. It ranges from 1.34 handle to 1.3450 as the market is not definite  on what will happen next that makes the market undecided. What happened on September may occur again  where OPEC decided on the last minute.

 

The Bank of Canada’s Governor Poloz had a speech this morning in a positive tone inciting the economy is improving and getting stronger. As the loonies continue to appreciate this keeps the tension up trading in this pair with high volatility while the market still awaits on the outcome of tomorrow’s OPEC meeting.  

 

We had the BOC Governor Poloz speaking early today and he did sound generally very positive about the economy and expressed that the data is slowly getting better which means that the economy is getting stronger as time rolls on. This also added to the CAD strength and helped to keep the pair under pressure. It is expected to have ample liquidity today and tomorrow however if the reverse happens, then the pair will price higher and the Canadian dollar will depreciate.

[Andrea ForexMart]

EUR/USD Fundamental Analysis: November 30, 2016

 

According to the previous forecasts, the EURUSD persist in having a slow growth and it used the 1.0580 as its base. The pair were able to break the 1.0600 region overnight and settled down from the 1.0650 as of the moment. Later this day, the solid resistance seen at 1.0685 will be challenged and the price trend will be the basis for the possible uptrend of the pair.

 

The pair is able to rose because of the mild weakening of the USD felt all over, the instability is considered as mild since violent movements are nowhere to be seen among any currency pair. As the end of the month approach, we expect month-end flows to prevail the money flow for today. Despite the positive results of US economic data, GDP and CCI, the dollar continues to soften for the past 24 hours. The fluctuation is caused by the fear of the market regarding President-elect Donald Trump’s unsure policies. Trump is seen posting his opinions using his Twitter account which represents a not so good habit for someone who is the leader of a state.

 

We are expecting for Draghi's remarks for today and we suppose that his speech won’t complicate the market or either trigger volatility. We also look forward to the EUR/USD to execute trades at higher ranges characterized with a bullish sentiment.

[Andrea ForexMart]

GBP/USD Fundamental Analysis: November 30, 2016

 

The U.S dollar has softened since Monday while the pound also endures weakness since the week starts as it edged lower because of the end-of-month flows and due to the EU membership payments plus other driving factors.

 

Yesterday, the sterling established further strengthening and rebounded towards 1.2400 region and reached beyond 1.2540 level before the cable pair settled down from the 1.2500 area and this increase would be better as the weakening of the dollar continues.

 

The instability of the greenbacks is felt globally though other currencies remains exempted dollar’s softening. The sluggish stance is not a result of weak services data or any fundamentals but more about the market’s weariness regarding the new president of the United States who has the habit of expressing his thoughts whenever he wants to. This way the markets are uncertain about what he’s going to declare any moment.

 

Furthermore, we are looking forward bank stress test results from the UK. In case that the bank has favorable result we expect for additional strength for the pound which would put the GBP/USD as far as the 1.2500 region. We also await for the ADP Employment data and if the result is less than the expected, the greens will suffer another round of reduction because this report is the main indicator for the NFP on Friday.

[Andrea ForexMart]

EUR/USD Technical Analysis: December 12, 2016

 

The decision of the ECB to maintain its monetary policy had strengthened the dollar. However, the euro is weakening once again after it made a dipped on its fresh monthly highs and failed to hold its gains. Meanwhile, the EURUSD headed southwards on Friday. During the EU hours, the sellers successfully broke the 1.0600 region then continued to lead the prices through the 1.0550 lower, the pair surpass this level amid the NY session. The price rebounded in the 200-EMA downwards as shown in the 4-hour chart. After the euro and greens had broke both 50 and 100-EMAs, it continued to progress down in the moving averages. While the 100 and 200 EMAs preserved its bearish bias, 50 EMA rendered a neutral stance. Resistance touched the area of 1.0600, support is seen at 1.0550.

 

The MACD histogram makes its entry point within the negative zone. Should the indicator kept unmoved in the negative area, the sellers are able to gain further strength. The RSI remains oversold.

 

In case the prices settled below the 1.0600 support level, this will cause for a short-term downtrend. The next target of the sellers is  1.0500 and 1.0550.

 

[Andrea ForexMart]

GBP/USD Technical Analysis: December 12, 2016

 

The Goods Trade Balance and Total Trade Balance established an optimistic data on Friday along with the strengthening of the sterling pound. The British currency procured some ground during the earlier trading session on Friday. Buyers drove the prices towards a higher position and tested the 1.2600 level amid the European session. The upward impetus short-lived consequent to the test, following the GBP’s rollback below the level. As indicated in the 4-hour chart, the cable pair rebounded through the 50-EMA. Moving averages uphold its bullish bias.

 

Resistance lies in the 1.2600 are, the support sits at the 1.2500 region. The MACD histogram pierced through the negative range. When the MACD stayed in the negative zone, sellers will obtain more strength. The RSI is within the neutral territory.

 

The GBPUSD is expected to weaken upon the break below the 1.2600 level. Likewise, this could lead the prices towards 1.2500.

[Andrea ForexMart]

USD/JPY Technical Analysis: December 13, 2016

 

The Japanese yen experienced downward pressure during Monday’s session due to the OPEC production deal as well as the positive market sentiment with regards to the Fed rate hike scheduled this December. Japan had recently released its Machinery Order and turned out to be positive, but even this particular economic data’s effect paled in comparison to the aforementioned events which had a much larger impact on the safe haven currency.

 

The price of the USD/JPY pair reverted from 116.00 points and went back to the 115.00 trading range. As seen in the currency pair’s 4-hour chart, the price of the USD/JPY stayed just above its moving averages and continued to inch higher. Resistance levels for the USD/JPY pair is seen to be at 116.00, while support levels are expected to come in at 115.00 points.

 

The MACD indicators for the currency pair increased, showing a surge in buyer strength. Meanwhile, its RSI indicators were able to remain within the overvalued regions. The market is now monitoring the pair’s current position at 116.00, and if the USD/JPY manages to break through this region, then the pair could possibly hit the 117.00 trading region.

[Andrea ForexMart]

USD/CAD Technical Analysis: December 13, 2016

 

The USD/CAD pair remained under 1.3120 points and has now clinched its tenth day in the lower rung of the trading range. The CAD dropped during the previous trading session due to a 5% increase in crude oil prices after the OPEC meeting last week, which included non-OPEC oil-producing countries, with the participants altogether agreeing to implement production cuts on oil. Participants who were not OPEC members all agreed to productions cuts amounting to a total of 600,000 bpd, with Russia contributing a total cut of 300,000 bpd. Saudi Arabia has also expressed its possible plans to further cut back on its production of oil. However, in spite of the uncertainty on whether oil producers would be able to push through with their planned production cuts, an increase in oil prices would most definitely help in augmenting US shale production and could offset the production cuts announced last week.

 

The Canadian trade market would be able to benefit from steady increases in crude oil prices, as the USD/CAD’s 200 EMA is presently at 1.3075 points and is in line with 1.3040 on the lower region of the trading chart. Resistance levels for the USD/CAD pair is at the 1.3175-1.3185 trading region, and the pair shows signs of becoming oversold. Market players are now expecting a retrace if the 200 EMA maintains its current levels within the week.

[Andrea ForexMart]

EUR/USD Technical Analysis: December 19, 2016

 

The trade balance in the Euro area declined in October, same scenario with the volume of exports but the import volume increased despite the decrease in the value of European currency. Moreover, the euro made a recovery on Friday. Traders broke the price and reached 1.0450 as they made some reversal on its previous losses. Meanwhile, buyers were unable to regain the level which caused an ascending motion of impetus to fade thereupon the price move towards a lower area. The 50-EMA pass over the 100-EMA downwards as shown in the 4-hour chart. The entire moving averages headed lower. Resistance touch the 1.0450 range, support lies at 1.0400.

 

The MACD histogram strengthened which means the positions for the sellers softened. RSI is in the oversold territory which indicates for another downward trend. According to speculations, the market will remain in the pressured area in case that EUR/USD fail to push the price higher, in return, the pair is expected to establish a weak point. The next target of the sellers is 1.0350 and 1.0400.

[Andrea ForexMart]

GBP/USD Technical Analysis: December 19, 2016

 

The decision of the BoE to remain a constant rates did not surprise the market at all, seeing the rates to exist at 0.25%. The British currency was able to gain strength in spite of the reverse movement of its American counterpart subsequent to rally that took place on Friday.

Moreover, the sterling had a stronger stance as it bounced off its losses during the trades on Friday. The current rebound are considered as bear’s activity in selling its stock in order to gain despite of the sharp rise last week. Recovery seems weak and even there is a dollar retracement, the greens established a solid position generally.

 

The 4-hour chart showed that the price tested the 200-EMA, while the 50-EMA headed towards a lower level, both 100 and 200- day moving averages sustained a bullish pattern. Resistance is seen at the 1.2500 region, support is at the 1.2400 level. The MACD histogram increased which means a weak position for the sellers. RSI stayed in the oversold levels.

 

It is best to go short within the 1.2400 handle as its first target. In case that a price consolidation arise below the first target, it is expected that the GBP/USD will moved in the 1.2300 mark. However, a break on top of the 1.25 handle would weaken the U.S dollar. The pound have the tendency to expand its recovery through 1.2550.

[Andrea ForexMart]

EUR/USD Technical Analysis: December 20, 2016

 

Along with the positive report from the German Business climate is the strengthening of the single European currency.  But the upbeat of euro was impeded by a fresh selling interest.

 

Meanwhile, the market appeared to be calm within this week as the greenbacks slowed down towards its major rivals amid the Asian session. The EUR edged over the dollar and further recovered during the trades on Monday while the dollar continued to soften. Buyers pushed the price through 1.0475 level by which the seller’s resistance is found. The renewed selling pressure caused the pair to slid down the 1.0450 region in the post-EU open. Moreover, the pair approached the 1.0400 mark throughout the North American Trading session. The 50-EMA pass over the 100-EMA towards a lower point. The entire moving averages manage a descending trend. Current resistance touched the 1.0450 level, support settled within the 1.0400 area.

 

The MACD histogram declined as it indicated stronger stance for the sellers. RSI holds the oversold territory and signaled a downward movement.

 

Should the pair remained under the level of 1.0450 in order for the market to continue its moving to enter the 1.0350 and 1.0400 regions.