The EUR/USD currency pair on the hourly time frame has been following a downtrend recently. The price fell below the key level of 1.13000 on 12 June to register a low of 1.12690. The price action in the EUR/USD is mainly driven by the recent weakness in the Euro.
The hourly chart of the EUR/USD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/USD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 1.13437. Bulls must break this level in order to regain bullish sentiment in the market.
The hourly chart of the EUR/USD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/USD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 1.13437. Bulls must break this level in order to regain bullish sentiment in the market.