XM Group - Analytics

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    Technical Analysis – EURUSD runs out of steam but maintains bullish outlook

    EURUSD fell for a third day on Monday, increasing the downside bias for the near term. RSI is holding just above 50 but the stochastics have fallen sharply as the momentum that took prices to a seven-week high of 1.1494 fades.

    Medium term indicators remain bullish though with prices still above the Ichimoku cloud and the 200-day moving average. EURUSD would need to surpass the August 24 peak of 1.1713 to maintain the bullish bias that’s been in place since March.

    To the downside, the Kijun-sen line is providing support at 1.1299. A break below this level would bring prices within range of the 50-day moving average. A drop below the 50-DMA would take the pair to a more neutral ground.

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