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By and large, the single European currency is trading flat according to the daily chart. In the first half of the trading day on Friday, it was losing ground. EUR/USD rebounded at the opening levels in the early American session. Interestingly, the currency pair made notable price swings. First, the price dropped 50 pips and then bounced 50 pips. Nevertheless, EUR/USD is still trapped insidethe trading range. The economic calendar is empty today like it was on Friday. In the best-case scenario, we will see the same scenario as on Friday. As a result, EUR/USD will close today at the opening levels.
EUR/USD slowed down a correctional move in the area of the previously broken range between 1.0500 and 1.0600. Traders cut on long positions a bit as the overall trend is still bearish.
The 4H RSI technical instrument is moving in the upper area of 50/70, thus signalling buying interest among traders. The D1 RSI remains below the average line of 50. In case the indicatorpasses the line of 50 upwards, it will signal an extended correction.
The moving averages of the H4 Alligator are directed upwards which indicates a correctional move. The D1 Alligator signals a slowdown in the downward cycle. So, moving averages may intersect each other.
Outlook and trading tips
Under such market conditions, EUR/USD may extend the correction as soon as the pricesettles above 1.0636 at least on the 4-hour chart. Until then, there is a risk of a drop towards 1.0500.
Complex indicator analysis generates a buy signal for the short-term and intraday trading on the back of the correction. At the same time, indicators suggest selling in the medium term amid the overall downtrend.
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