EURUSD has been on a downward path since registering on July 18 a new 2023 high, which is also the highest print since February 25, 2022. Seven consecutive red candles reveal the euro bulls’ inability to hold onto the impressive gains recorded during the first half of July. In addition, the convergence of the 50- and 100-day simple moving averages (SMAs) could be seen as a sign that the elevated market volatility is not close to abating soon. In the meantime, the Average Directional Movement Index (ADX) is dropping aggressively towards its 25-threshold and thus confirming the end of the recent bullish move, and the ... (full story)