The euro currency is coming under renewed selling pressure against the US dollar after the FOMC policy statement revealed that the US Federal Reserve is likely to continue hiking US interest rates. Will the EURUSD pair continue moving lower? Gain insight into the following technical analysis.
November 9, OctaFX – The EURUSD pair declined sharply after the decision by the Federal Reserve. This is because there were investors who were expecting the Fed to change its language about interest rates. It reached an intraday low of 1.1340.
This was the lowest level since November 1. It was also a decline of almost 1.5% from the monthly high of 1.1500.
EURUSD Technical Analysis
The pair’s moving averages indicators show that the pair will continue moving lower.
The RSI on the 30-minute chart is at 23, which is an oversold zone but also an indicator that the downward trend could continue. The Bears Power has also lost momentum as shown below. Therefore, in the short while, the pair could see a minor upward movement but in the next few days, it will resume the downward trend.
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