- 22nd May 2020
- Posted by: Hakeem
- Categories: FOREX LATEST NEWS DAILY, FOREX MARKET ANALYSIS, FUNDAMENTAL ANALYSIS, TECHNICAL ANALYSIS
Euro/dollar remains on the back foot, down almost -0.5% at 1.0897, and it is unclear if it can recover as Friday’s four-hour chart is painting a mixed picture, Yohay Elam, an analyst at FXStreet, reports.
“Momentum on the four-hour chart has all but disappeared, but EUR/USD is still trading above the 50, 100, and 200 Simple Moving Averages, a positive sign. The Relative Strength Index has stabilized after previously staying at overbought conditions.”
“Support waits at 1.0895, a high point last week which has almost been touched on Friday. It is followed by 1.0870, where the 100 and 200 SMAs converge.”
“Resistance is at 1.0920, a support line from early in the week, followed by 1.0950, a separator of ranges.”