The Federal Reserve released the results of its stress tests, stating: “The banking system has been a source of strength during this crisis, and the results of our sensitivity analyses show that our banks can remain strong in the face of even the harshest shocks.”

From a technical perspective, the Dollar index remains in a down trend despite the recent pullback. Prices are consolidating within an upward-sloping channel (potential bearish flag pattern pattern). The 20- and 50-simple moving averages are heading downwards. The 50DMA could play a resistance role at 98.6. In addition, the daily Relative Strength Index (RSI, 14) remains capped by a declining trend line. As long as 98.6 is resistance, the bias remains bearish. A break below 95.7 would open a path to see 94.6. Alternatively, a push above 98.6 would call for a reversal up trend with 100 as the first target.

- advertisement -
Previous articleEUR/USD Bearish Below W H3 Pivot
Next articleEUR/USD Turning Lower But Declines Look Limited
DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.