The common European currency is again under pressure

October 11, 2016

Japanese, Canadian and USA markets were closed. The dollar strengthened after the second U.S. Presidential debates where Mrs. Clinton emerged victorious as Mr. Trump’s reputation was damaged after a leak of a video where he insulted women.

Current situation

 The common European currency is again under pressure. The level 1.1200 stopped its recovery, the price turned around and headed towards 1.1150. The EUR/USD is still in a descending channel, moving to its lower trend line. The 50, 100 and 200 EMAs protected the level 1.1200. The price bounced from them and moved downwards in the 4 hours chart. The resistance comes in at 1.1200, the support stands at 1.1150.

The MACD histogram decreased which is a sell signal. RSI headed towards the negative levels.

Trading recommendations

If the downward pressure persists the EUR/USD may retest the level 1.1150. A clear break below the level will open the way towards last week low mark at 1.1100.

Publication source
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