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The euro is easing against the US dollar on Thursday morning European session.
The exchange rate trades near the 1.1630 area at 0705 UTC.
The current price action is below the lower boundary of the hourly Bollinger bands (1.1635). The hourly RSI at 18.6 looks overstretched and suggest a correction during today's session.
Though, the exchange rate will likely struggle to reverse polarity, as the upper boundary of the hourly Bollinger bands (1.1686) and the 20, 55 and 100-hour SMAs, all positioned in the cluster 1.1660/85 will provide resistance and hinder any bullish initiative during the session.
In addition, the weekly PP (1.1677) and the newly calculated monthly PP (1.1685) are as well located within the previous mentioned cluster, reinforcing the statement that strong resistance is now offered at that level. The most likely scenario is fall towards the weekly S1 (1.1603) and then to newly calculated monthly S1 (1.1579).
The exchange rate trades near the 1.1630 area at 0705 UTC.
The current price action is below the lower boundary of the hourly Bollinger bands (1.1635). The hourly RSI at 18.6 looks overstretched and suggest a correction during today's session.
Though, the exchange rate will likely struggle to reverse polarity, as the upper boundary of the hourly Bollinger bands (1.1686) and the 20, 55 and 100-hour SMAs, all positioned in the cluster 1.1660/85 will provide resistance and hinder any bullish initiative during the session.
In addition, the weekly PP (1.1677) and the newly calculated monthly PP (1.1685) are as well located within the previous mentioned cluster, reinforcing the statement that strong resistance is now offered at that level. The most likely scenario is fall towards the weekly S1 (1.1603) and then to newly calculated monthly S1 (1.1579).
