OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/USD Price Analysis: Bears holding tight grip on the market

  • EUR/USD is looking south with Friday's marubozu candle signaling bearish sentiment. 
  • The daily chart indicators are biased bearish and a drop to 1.09 could be seen. 

EUR/USD has so far added about eight pips in Asia, but the overall mood looks bearish, as indicated by the lower highs, lower lows structure on the daily chart and Friday's red marubozu candle. 

A marubozu candle comprises a big body and little or no wicks. A red marubozu indicates the sellers were in control throughout the day and there was no hesitation among bears while pushing prices lower. 

Alongside that, the 14-day relative strength index (RSI) is reporting bearish conditions with a below-50 print and the 5- and 10-day averages are trending south. 

A drop to 1.09 could be in the offing. At press time, the spot is trading at 1.0950, representing marginal gains on the day. The outlook would turn bullish if the spot ends Monday above Friday's high of 1.0985. 

Daily chart

Trend: Bearish

Technical levels

 

GBP/JPY Price Analysis: Registers three-day losing streak

GB/JPY declines to 141.30 during the Asian session on Monday. The pair recently reversed from 50-day SMA and is currently testing 38.2% Fibonacci retr
Read more Previous

Gold: Positive above $1,570 as China’s coronavirus heavies risk-tone

Gold prices remain on the front foot around $1,573 during Monday’s Asian session. In doing so, the yellow metal rises for the fourth consecutive day w
Read more Next
Start livechat