Eurusd Update

[RTFX-Trading]

EURUSD Update: The recent break of the 50 and 100 day SMAs in the EURUSD pair suggest for a shift in structure which favors further US Dollar strengthening. However, RSI and Stochastic readings both falling below 30 and 20 respectively suggests that the pair is now oversold. Interesting to note is that the last time the RSI read below 30 in EURUSD was back in October 2008.

This development further reaffirms the shift in trend in favor of the greenback and we anticipate a test of the 200 day SMA now at 1.4173 in the near future. However in the short term, look for bounces back towards the 100 day SMA now at 1.4654 in the next couple of days (to unwind the inter-day oversold conditions), with this serving as resistance before the next downside extension.



Emman Xuereb
RTFX Ltd
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