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EUR/USD: Bearish trend firm in place - FXStreet

FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, the dominant EUR/USD bearish trend remains firm in place despite oversold readings.

Key Quotes

"The week ahead, despite a much lighter calendar, will include Draghi’s testimony on monetary policy before the European Parliament's Economic and Monetary Committee, in Brussels mid European morning this Monday, which may imprint some intraday volatility to the pair. But beyond that, the dominant bearish trend remains firm in place despite oversold readings short and longer term."

"Technically, the hourly chart shows price well below a bearish 20 SMA, currently around 1.2865 with indicators barely bouncing from oversold levels. In the 4 hours chart momentum continues to head south into negative territory, as RSI stands at 33 giving no signs of a probable recovery."

"Ahead of mentioned Draghi’s speech, the pair can remain range bound, with a price acceleration below 1.2810 however, opening doors for a slide down to 1.2740 price zone, strong long term static support."

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