Article source: actionforex.com
Foreign Exchange Market Commentary
THE EURO closed slightly higher on Wednesday as it consolidates some of the decline off May’s high. The midrange close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, the reaction low crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.