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EUR/USD stuck around 1.24 levels today – FXStreet

FXStreet (Barcelona) - FXStreet Editor and Analyst Omkar Godbole, notes that the EUR/USD pair is struggling around 1.24 levels today while the upside remains capped due to multiple resistances in 1.24-1.2420 area.

Key Quotes

“The EUR/USD fell sharply on Friday to end the last week at 1.2392 levels after repeatedly failing near 1.2580-1.26 levels. The pair is stuck around 1.24 levels today after having tested the previous low of 1.2358. “

“The daily RSI stays bearish at 39.45 levels. Moreover, the indicator is hovering around the rising trend line support, breach of which is likely to intensify the sell-off in the pair.”

“Meanwhile, the hourly chart shows the pair is struggling around 1.2390-1.24 levels, with the RSI bearish at 34.00 levels. “

“The upside in the pair appears capped around the multiple resistances located in 1.24-1.2420 area.“

“Thus, a fresh selling pressure can be anticipated at the current rate of 1.2390, while the immediate downside appears capped around 1.2358 levels.”

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