EURUSD Feels Selling Pressure at Daily SMA

May 11, 2020

The left chart shows the daily chart of the EURUSD. The currency pair has reacted off of the black 20-day SMA resistance over the last 2 period (blue rectangle). The RSI remains on the bearish side of 50 (green rectangle) and the SMA is heading down. The right chart shows the hourly time frame. Here, the green 5-hour EMA is below the orange 10-hour EMA and the short-term RSI is below 50 (green ellipses). The EMAs are also showing angle and separation. If this continues to develop than the EURUSD will keep at showing weakness.