Technical Analysis: Signs of Price Adjustment in EUR/USD
In Thursday's trading session, the EUR/USD pair lost momentum, dropping to around 1.0745 due to the CPI inflation data boosting the value of the US Dollar (USD) and exerting pressure on the EUR/USD pair. The decision on interest rates by the European Central Bank (ECB) is expected to maintain stability at record high levels.
From a technical standpoint, on the 4-hour chart, the EUR/USD continues to show downward prospects as it remains below the Simple Moving Averages (SMA), a clear sign of the strength of the downward trend. The Relative Strength Index (RSI) has also decreased to near oversold levels around 32, indicating the potential for a price correction to the upside.
From a technical standpoint, on the 4-hour chart, the EUR/USD continues to show downward prospects as it remains below the Simple Moving Averages (SMA), a clear sign of the strength of the downward trend. The Relative Strength Index (RSI) has also decreased to near oversold levels around 32, indicating the potential for a price correction to the upside.
