EURUSD trades with negative bias below 1.0500
EUR/USD is struggling to capitalize on the strong rally since February 11 and is currently trading in a narrow range below the psychological level of 1.0500 in early Monday trading, with little change since the start of the session.
Looking ahead, the next upside hurdle for EURUSD is 1.0500. Breaking above this level would be bullish while holding below it would be bearish. Taking a closer look at the pair, you will see that it is overbought with the RSI trending down in bullish territory, suggesting a potential shift in momentum and a continuation of the downtrend.
I remain bullish on the downtrend for the coming week. Once the current support level is broken, there is nothing stopping it from falling further. What do you think of this view?
Looking ahead, the next upside hurdle for EURUSD is 1.0500. Breaking above this level would be bullish while holding below it would be bearish. Taking a closer look at the pair, you will see that it is overbought with the RSI trending down in bullish territory, suggesting a potential shift in momentum and a continuation of the downtrend.
I remain bullish on the downtrend for the coming week. Once the current support level is broken, there is nothing stopping it from falling further. What do you think of this view?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.