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EUR/USD, technically, bears can relax - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that technically, the bearish trend seems quite firm in place in EUR/USD, albeit both, daily and weekly RSI stand now in extreme oversold territory.

Key Quotes:

“The bearish movement however, shows no signs of exhaustion yet, with next critical support at 1.2740, where the pair presents several weekly lows from the first quarter of 2013”.

“If the level holds, the story could began to change, yet in the meantime, bears rule. Short term, the hourly chart shows price pressuring the daily low and well below moving averages, with indicators still heading lower despite in oversold territory”.

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