The chart on the left shows the EURUSD daily time frame. The currency pair has been trending down and is in its weak area, between the lower blue and red bands. The chart on the right show's the hourly time frame. Price has reacted off of the R2 pivot. The trend-following EMAs have crossed bearishly, and the stochastic has turned down (black ellipses). If the stochastic continues down to the 20- areas (blue arrow), EURUSD is likely under pressure. Moreover, if the stochastic oscillates around its lower quintile, the odds will favour lower prices.
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.