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EURUSD technical picture turns bearish
EURUSD is edging lower today as the short-term uptrend that started in early June appears to have halted. The September 28, 2022 upward sloping trendline has acted as strong resistance, pushing EURUSD towards the 50-day simple moving average at 1.0874. The current correction could also be a product of the bearish divergence that has formed between the stochastic oscillator and the recent EURUSD price action. In addition, the remaining momentum indicators appear to be more balanced at this juncture. The Average Directional Movement Index (ADX) is rapidly approaching its 25-threshold and thus signaling a quickly ... (full story)