EUR/USD could continue to decline

Positions Today Yesterday Change
Longs 31% 29% 6.4%
Shorts 69% 71% -2.9%
Indicator 4H 1D 1W
MACD(12;26;9) Sell Buy Sell
RSI(14) Neutral Neutral Neutral
Stochastic(5;3;3) Neutral Buy Neutral
Alligator(13;8;5) Sell Neutral Sell
SAR(0.02;0.2) Sell Sell Buy
Aggregate

Yesterday, the EUR/USD currency pair declined to the support level formed by the weekly S2 at 1.1037. During Friday morning, the pair was trading near the given level.

Note that the exchange rate is still pressured by the 55-hour moving average, currently located at 1.1066. Thus, some downside potential could still prevail in the market. In this case the rate could gain support of the weekly S3 at 1.1000.

However, if the given support level holds, it is likely that the Euro could consolidate against the US Dollar in the short run. Also, it is unlikely that bulls could prevail, and the rate could exceed the weekly S1 located at 1.1102.

      

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