The EURUSD continues to trade in its bullish channel (between the upper blue and red bands) on its daily time frame. However, the hourly chart does show a pullback is in effect, with the EMAs and stochastic both in bear mode. There is a triple confluence of support at the central pivot - the 50% Fibonacci level and price support overlap.
Thus, this may be a level that is attractive to EURUSD bulls. However, to monitor, we would like to see both the EMAs and stochastic cross positively. Moreover, a movement into the 80+ region will emphasise this corrective action if positive crosses occur.
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.