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EUR/USD Today Chart 09/03/2016


EUR/USD traded somewhat higher on Tuesday but hit resistance slightly below the 1.1070 (R2) resistance barrier and slid back below the 1.0985 (R1) zone. The inability of the bulls to test 1.1070 (R2) and the subsequent dip below 1.0985 (R1) makes me believe that the pair is likely to continue lower. I would now expect the rate to challenge the 1.0940 (S1) line, where a clear dip could initially aim for the next support of 1.0900 (S2). Our short-term oscillators support further declines as well. The RSI moved lower and is now testing its 50 line, while the MACD, although positive, has topped and fallen below its trigger line. There is also negative divergence between the RSI and the price action. Switching to the daily chart, I see that EUR/USD is still trading between the 1.0800 key zone and the psychological area of 1.1500. Therefore, I would keep the view that the broader trend remains sideways.




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