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EURUSD has been remaining below the strong resistance obstacle of the 23.6% Fibonacci retracement level near 1.1760 of the down leg from 1.2550 to 1.1510, since June 14. Moreover, the pair trades around the 20- and 40-simple moving averages (SMAs) in the daily timeframe, indicating a possible sideways channel.Having a look at the technical indicators, the RSI is flattening slightly below the threshold of 50, while the MACD oscillator failed to jump into the positive territory but still stands above the trigger line. However, the stochastic oscillator is moving lower with strong momentum approaching the oversold zone.
EURUSD has been remaining below the strong resistance obstacle of the 23.6% Fibonacci retracement level near 1.1760 of the down leg from 1.2550 to 1.1510, since June 14. Moreover, the pair trades around the 20- and 40-simple moving averages (SMAs) in the daily timeframe, indicating a possible sideways channel.Having a look at the technical indicators, the RSI is flattening slightly below the threshold of 50, while the MACD oscillator failed to jump into the positive territory but still stands above the trigger line. However, the stochastic oscillator is moving lower with strong momentum approaching the oversold zone.
