Technical Analysis: EUR/USD bears are oversold
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The EUR/USD pair is firmly in a downtrend on both its short and medium-term time frames, since peaking and rolling over at 1.1139 in December.
The downtrend thesis is supported by the fact that the pair is trading below all its key major moving averages – the 50-day, 100-day and 200-day Simple Moving Averages (SMA).
It is making lower lows and lower highs and this trend is biased to continue – with one caveat.
The Relative Strength Index (RSI) momentum indicator is flashing oversold on the daily chart. At the moment this is only a warning for short-traders not to add to their positions, however, if the RSI were to exit oversold and rise back above 30, it would be a sign the pair was correcting and for short-traders to close their positions and open longs.
As things stand it is still possible the pair could continue lower and even if there is a correction the dominant downtrend is still likely to resume. The next key downside target for the pair is the 2023 lows at 1.0446.
If a pullback evolves, meanwhile, a possible target could be the swing low at 1.0700.
(This story was corrected on April 17 at 13:40 GMT to say that the EUR/USD saw a lift on Wednesday not Tuesday as previously written.)
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