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30 Oct 2020

EUR/USD Price Analysis: Bear flag breakdown on D1

EUR/USD's bear flag breakdown has exposed September lows.
The daily chart RSI also favors deeper losses.

The path of least resistance for EUR/USD is to the downside.

The pair fell by over 0.6% on Wednesday, confirming a bear flag breakdown on the daily chart. The breakdown indicates the sell-off from the Sept. 1 high of 1.2011 has resumed. As such, a re-test of the Sept. 25 low of 1.612 looks likely.

Supporting the case for a deeper drop is the below-50 or bearish reading on the 14-day relative strength index. Also, the daily chart MACD histogram is printing deeper bars below the zero line. That's a sign of the strengthening of bearish momentum.

The bearish outlook would be invalidated if the pair finds acceptance above Thursday's high of 1.1758. At press time, the pair is trading largely unchanged on the day near 1.1673.

Daily chart

Trend: Bearish

Technical levels

Oct 30, 2020

GBP/USD Price Analysis: Recovery moves eye previous support above 1.2900

GBP/USD picks up bids around 1.2930 during the initial hour of Tokyo open on Friday. The cable dropped to the lowest since October 16 the previous day

Chinese banks are swapping dollars for yuan in forwards

China's major state-owned banks are trying to rein in the yuan's appreciation by swapping US dollars for the Chinese currency. Key points/quotes (Sour