EURUSD Daily Chart
- The EURUSD daily chart is positioned in its bullish channel between the upper blue and red bands.
- The red Bollinger bands are pulling away from each other, denoting an expansion in volatility.
- The RSI is on the positive side of 50 (green rectangle). The longer it maintains this position the greater the likelihood of further appreciation ahead.
EURUSD Hourly Chart
- The EURUSD hourly chart has bullish developments too.
- The trend-following EMAs and the momentum-based stochastic have crossed up (black ellipses).
- This comes after the hourly chart pulled back to the 38.2% Fibonacci and price support around the 1.0908 level (orange horizontal).
- This served as a short-term platform for buyers to regroup.
- The R1 level is currently acting as short-term overhead resistance.
- However, if the EMAs develop angle and separation to the upside and the stochastic makes it to the 80+ area (blue arrow) and holds, an underlying momentum will be price supportive.
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.