EURUSD Hourly Oversold; Bounces May Be Targeted
The EURUSD is in the bearish area on the daily chart on the left. Moreover, the expansion in the red Bollinger bands shows a sharp increase in its volatility. This, on the back of the FOMC release yesterday and the dot plot showing that current expectations are for 2 rate hikes before the end of 2023. A much more hawkish reading than the March dot plot which indicated no hikes before 2024.
The hourly EMAs and stochastic are in bearish mode and align short-term traders with the daily. A stochastic below the 20 level and maintenance of that level (blue arrow) is a testament to the downwards momentum push. We note that the EURUSD is oversold as per the RSI (blue rectangle). Bounces that normalise this extreme may become targets for shorts. Trend following indicators may be useful as a potential exit tool. Stops above resistance in conjunction with risk management techniques.
The hourly EMAs and stochastic are in bearish mode and align short-term traders with the daily. A stochastic below the 20 level and maintenance of that level (blue arrow) is a testament to the downwards momentum push. We note that the EURUSD is oversold as per the RSI (blue rectangle). Bounces that normalise this extreme may become targets for shorts. Trend following indicators may be useful as a potential exit tool. Stops above resistance in conjunction with risk management techniques.
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