EUR/USD closed slightly higher on Monday as it extended this week's decline. However, a short covering rally erased much of June's early weakness and the high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain bearish signalling that additional weakness is possible near-term. If it extends this year's decline, monthly support crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
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