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Nov 18 - 03:55 AM

EUR/USD - Chart Shows A Negative Bias Despite Spot Being Oversold

By Martin Miller  —  Nov 18 - 02:40 AM
  • EUR/USD has rebounded from Thursday's new 2024 1.0556 (EBS) low

  • Which is unsurprising as the market has been oversold

  • Oversold as spot has been trading below the 30-day lower bollinger-band

  • 30-day lower bollinger-band is currently at 1.0548

  • As fourteen-day momentum remains negative, overall outlook bearish

  • Scope is for an eventual extension to probe October 2023 1.0482 (EBS) low

  • EUR/USD Trader TGM2334. Offer at 1.0650. Previous update nL1N3MM09B

Source:
Refinitiv IFR Research/Market Commentary

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