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After a significant downward move the pair reaches the braking zone (yellow on the graph) and generates movement around the support level in a form of a rising trend line.
The RSI indicator, which examines the determination of buyers against sellers, generates a new “rising low” indicating that the conditions for an attempt to breach the yellow range are here...
The price of gold, which is usually correlated with the dollar, is currently under a negative triple top pattern, and gold can be credited within the rising trend line. I think gold will continue to decline at least to the nearest support level around $1,300 an ounce before making new decisions.
EURUSD daily chart moves within a clear rising channel while the lower edge of the channel is forming support and the top edge of the channel resistance.
I believe that the strengthening signs of the dollar will lead to reaching the bottom edge of the rising channel, but only hints from the FOMC meeting will ultimately lead to a decision whether to break or...
The main trend is still bearish, but there'res bullish patterns such a "Harami" and "Doji". In this case, the pair is likely going to test the Moving Averages in the coming Days.
I am taking here a conservative position with a limited stop loss.
The RSI indicator tests buyers' determination VS sellers and moves along with the price.
But when the RSI rises and the price drops there is a deviation!
And therefore, In the chart we can see a strong hint for positive technical correction of the pair.