Despite showing some signs of bullishness yesterday, the EURUSD has turned negative. Below is its H4 chart, and both the trend-following EMAs and the stochastic have turned down (black ellipses). If the stochastic continues towards the 20- areas (blue arrow) and settles there, the currency pair will likely be under pressure. Moreover, the Fed release on Wednesday was aggressive and hawkish, which, in our view, is supportive of the greenback, at least in the short-term.
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.