Forex Flash: EUR/USD is technically bearish– Nomura
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EUR/USD
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen has taken a look at EURUSD from a purely technical perspective.
Looking at his daily chart, Amen notes that spot is higher on the week but regardless, he maintains his bearish view. He highlights a doji on Thursday and today he feels that another one is developing. These are often indicators in direction and with Bollinger bandwidth heading lower, suggesting that price action is going to be more range bound. RSI (14) is also stalling which could be a sign of a top. His target is 1.2930 where the 55 SMA lies.
Looking at his daily chart, Amen notes that spot is higher on the week but regardless, he maintains his bearish view. He highlights a doji on Thursday and today he feels that another one is developing. These are often indicators in direction and with Bollinger bandwidth heading lower, suggesting that price action is going to be more range bound. RSI (14) is also stalling which could be a sign of a top. His target is 1.2930 where the 55 SMA lies.
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