EUR/USD bulls losing commitments, moving south

By FXStreet FXStreet (Guatemala) – EUR/USD is testing the 50 SMA on the hourly chart at 1.1235 in early Asia after pressures came in with the 20 SMA at 1.1249 capping further bids attempting the London high of 1.1273.

EUR/USD was offered from 1.1280 yesterday and followed through in European markets in supply while markets anticipate dovish sentiment from the ECB this week. “EUR underperformed across the board, on speculation the ECB’s Monetary Policy meeting accounts will offer hints of further easing coming from the Central Bank, before the year end,” explained chief analyst at FXStreet, Valeria Bednarik.

However, as volatile as markets are, the euro was making a comeback as London got a hold of the baton and reached aforementioned highs before the price slid into the grip of the bears who ran towards the 200 SMA on the hourly chart before bids were found and a commitment from the bulls emerged once again to 1.1265, the US session high.

EUR/USD neutral/bearish near term (RSI (14) 43, sold to below pivot 1.1241)

Technically, from here, we are in neutral territory and need a break and closes on top of the cloud top at 1.1313 targeting early/mid Sep highs before …read more

Source:: FX Street