EUR/USD plunged to a new low for the year on Tuesday as it extended this week's decline. The low-range close sets the stage for a steady to lower opening on Wednesday. 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.
Join the Discussion