Forex: Evolution of the EUR – USD
The EURUSD continues the downward trend begun in early May. The first floor passes through 1.4120, the second by 1.4000 (psychological limit) and a third is at 1.3879. Both the first and the second correspond to Fibonacci retracements of 23.6 and 50 respectively. The resistance is at 1.4346.
If you look closely you can see a bearish channel which started in the middle of this month so the price target is 1.4009.
Moving averages for the moment make a buy signal but given the high value of RSI is at 67.07 which is soon expected to show a sale because the value is approaching the overbought zone.
The operating volume remains within the range launched in May this year.
For this week expected to publish economic data of importance from both sides of the Atlantic so you have to follow very closely the price to cover any variation.