In the first forex update today, we highlighted the recent uptrend in EUR/USD. But this morning, it seems buyers were having second thoughts. I guess the miss in retail sales had a bigger impact on the Euro than the Sentinex investor confidence number, which showed improvement.
We have a live short term forex signal which we opened yesterday, besides the long term EUR/USD signal. We have to follow this forex pair closely and conduct technical analysis continuously to see where it is going.
The 100 SMA (green) is providing support
So, we moved about 30 pips lower this morning, but the area around 1.1240 is providing some support. This area is where the 100 SMA now stands on the hourly forex chart.
You see that the price moved down there today, but failed to break below it. Only now is it turning up. Stochastic is oversold as well, which makes for a bullish setup.
The 20 SMA is also providing support
If we switch to the H4 timeframe chart, we see that the 20 SMA (grey) is also providing support, which is another technical indicator pointing upward. So, technically this pair looks bullish which is good for our short term buy forex signal here.
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