Technical Analysis – EURUSD nurses losses, readies for a rebound
EURUSD has bounced off its short-term ascending trendline following Friday’s dip but has yet to gain sufficient momentum for a rebound.
XM Group
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9 days ago
Overview: EURUSD has bounced off its short-term ascending trendline following Friday’s dip but has yet to gain sufficient momentum for a rebound.
Momentum: Both the RSI and stochastics slid into their oversold regions and are now attempting a recovery, albeit very tepidly.
Bullish scenario: If the positive momentum gathers strength and the price reclaims the 1.1600 handle, the bulls may aim for 1.1655 where the 50-period SMA has flatlined. Higher, 1.1710 could become the next target, which was twice tested on August 20 and 21.
Risk: Breaching the short-term uptrend line would signal that there’s more downside to come before the bulls can regain the upper hand.
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