EUR/USD is trading a quarter of a percent down on Friday, in the lower 1.0800s just below the 200-day Simple Moving Average (SMA).
EUR/USD is testing the key 200-day SMA on Friday after recapitulating over the prior sessions. The pair is poised to break below key support levels as key central bank figures line up to speak. Their commentary could impact expectations of when future interest rate cuts may take place. EUR/USD is trading a quarter of a percent down on Friday, in the lower 1.0800s just below the 200-day Simple Moving Average .
Such a move would be likely to tumble to at least 1.0775, the 0.618 Fibonacci extension of the move prior to the breakout lower, a common method of forecasting targets for trendline breaks. The move down lacks momentum, however, as evidenced by the Relative Strength Index on the 4-hour chart below, which shows RSI failing to reflect price’s current move down to a lower low – a suggestion bearish conviction is lacking.
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