20 Nov 2013
EUR/USD RSI below 30 on the downside
FXstreet.com (London) - EUR/USD has continued to drop to record a new low of 1.3416.
EUR/USD has backed up on the FOMC minutes as traders digest the tone for the US economy. The minutes revealed an expanding economy in the US with improvements on the labour market, and with tapering back in focus for the forthcoming months the markets are in on the dollar on a knee jerk reaction. EUR/USD is in new territory, - 0.85% from the open and eye’s the 1.34 handle of key support.
EUR/USD DMA’s and RSI overdone
The 20 DMA is 1.3566, the 50 DMA is 1.3540 and the 200 DMA is 1.3218. RSI (14) reads 20.35, suggesting the decline momentum is stalling.
EUR/USD has backed up on the FOMC minutes as traders digest the tone for the US economy. The minutes revealed an expanding economy in the US with improvements on the labour market, and with tapering back in focus for the forthcoming months the markets are in on the dollar on a knee jerk reaction. EUR/USD is in new territory, - 0.85% from the open and eye’s the 1.34 handle of key support.
EUR/USD DMA’s and RSI overdone
The 20 DMA is 1.3566, the 50 DMA is 1.3540 and the 200 DMA is 1.3218. RSI (14) reads 20.35, suggesting the decline momentum is stalling.