Market Daily Outlook – EURUSD forms negative divergences

FED’s dovishness and the positive news on the COVID-19 vaccine are pushing equities higher as August was one the best performed month over the last 30 years. Yesterday NAS100 recorded new highs again as Tesla and Apple split contributed decisively. Today all three major S indices maintain their positive bias. 

EU market is mixed and specifically, UK100 is the weakest today.

Reviewing the forex market, EURUSD is forming a rising channel as shown in yesterday’s post. However RSI(14) is creating consecutive negative divergences which may indicate a potential to the bullish side. The 240m timeframe confirms the daily bias as the pair retraced after testing the upper channel. Currently, the price holds above the 100SMA in the 60m timeframe.  

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EURUSD daily
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Checking the ZuluTrade’s Traders Sentiment, the community is currently bearish on EURUSD.



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