The daily EURUSD remains in its weak area between the lower blue and red bands on the left. The longer this position persists, the greater the chance of further EURUSD weakness. The hourly chart on the right side shows the EURUSD rising into R1 pivot resistance. Its stochastic has already rolled over (green rectangle), suggesting that upside momentum may be waning. If the EMAs cross down (black ellipse), this will be considered a bearish development. Finally, if the stochastic makes its way to 20 and below, selling momentum will apply downside pressure on the currency pair.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.