OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/USD Price Analysis: Notable bounce elusive despite oversold intraday conditions

  • EUR/USD is sidelined near 1.09 at press time, having charted a lower high near 1.11 earlier this month. 
  • Intraday charts are reporting oversold conditions, but so far, the bounce has remained elusive.

The single currency is struggling to gather upside momentum despite signs of seller exhaustion on intraday charts. 

For instance, the relative strength index (RSI) on the 4-hour chart is hovering below 30. Meanwhile, the hourly chart RSI is reporting a bullish divergence. 

So far, however, that has failed to inspire the buyers, leaving the pair sidelined just above 1.09. That said, a corrective bounce could still be seen during the European session. 

Any gains, however, could be short-lived as the recent slide from 1.1095 has put the single currency on track toward 1.0879 (Oct. 1 low). A violation there would expose the next support lined up near 1.0840.

Hourly chart

Trend: Bearish

Technical levels

 

Coronavirus could trim 1 percentage point from China GDP growth – Govt think tank

In a commentary published in the 21st Century Business Herald newspaper on Tuesday, Zeng Gang, Vice-Chair of the National Institute for Finance and De
Read more Previous

Trading the RBNZ on hold – TD Securities

Analysts at TD Securities offer a sneak peek at what to expect from Wednesday’s Reserve Bank of New Zealand’s (RBNZ) Interest Rate Decision due at 010
Read more Next
Start livechat