The technical EURUSD (Euro / USD) picture for the day and current situation (15min graph) is as follows:
- main direction (daily) - Up (Euro rises as US Dollar falls)
- current situation - on the edge, possible reversal in the way following a last upward movement.
The 15 min graph shows the EURUSD pair is in the middle of its upward movement. The danger presented by the negative MACD values could be temporarily offset by the oversold condition (shown by the lower values of Stochastic at the moment). This could lead the pair to
new highs above the previous high at 1.3836. The negative MACD however could signal the
end of such upward movement and a fail to probe strongly that level would prove such possibility. At that point the Stochastic might well be in overbought condition and further ease the going down.
The great danger to any continuation of the upward movement of the Euro are the negative MACD divergences seen on the 1h and 4h graphs. Still there is a space to go up and any down movement could be followed by a strong reversal.
Having in mind the above conditions a
fall to at least 1.3790 is to be expected soon. Having that level broken,
1.3770 is the next target.
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