EUR/ USD is showing trends of a strengthening bearish momentum – as the daily chart MACD histogram (an indicator used to gauge trend strength and trend changes) – is now seen to produce deeper bars below the zero line. As the pullback is gaining momentum, EUR/USD risks falling to key support at 1.1729. The 14-day RSI also moved out of an ascending trend line – signalling an end of the uptrend from lows near 1.08 that was observed in May. This combined with Friday’s bearish engulfing candle suggests scope for a decline to 1.1729.
Here is a comment from BoA for your information:
"Following the strong EURUSD rally during the summer, which was mostly a USD sell-off, we see downside EURUSD risks for the remaining of the year, mostly driven by a USD correction higher"
Citing:
- weakening global risk sentiment to be a constraint on the EUR, but a positive for the USD
- says the consensus is too optimistic on the global economy
- and also too optimistic on Coronavirus vaccine prospects
- too pessimistic on the COVID-19 situation in the US compared with that in Europe
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