EURUSD fails again at key resistance area

EURUSD is registering its third straight red candle, after reaching a new 5-month high at 1.1139. However, the busy 1.1032-1.1095 area, which has been making the bulls’ lives difficult since February 2023 with several failed breakout attempts recorded, appears to have played a key part again. EURUSD is edging lower with the momentum indicators ready to send strong bearish signals. The RSI is heading towards its 50-threshold and the Average Directional Movement Index (ADX) has peaked and is now edging lower, possibly confirming the completion of the current bullish trend in EURUSD. More crucially, the stochastic ..