EUR/USD shows signs of exhaustion, key support in jeopardy

FXstreet.com (New York) – The EUR/USD foreign exchange rate has pointed lower Friday, unable to shake a bout of negativity that has gripped the pair during US trading, driving it towards key support.

EUR/USD strategic bias

According to Axel Rudolph, an analyst at Commerzbank, “The negative divergence seen between the daily RSI and the EUR/USD’s current August high at 1.3453 points to a top being formed. Confirmation of this would be a drop through the steep two-month support line at 1.3307 and a fall through Tuesday’s 1.3323 low. Only a drop through the next lower 1.3208/1.3188 support area will mean that …read more