trade however, the pair may continue to fall back from the high ahead of the market close as intraday price action exceeds its average true range
. The euro-dollar may continue to find psychological support ahead of 1.4500 as economists anticipate the ZEW investor confidence survey to rise to a three-year high of 60.0 in September but, the intraday doji top favors a bearish outlook for the pair as the 30-minute RSI falls back from overbought territory.
The dollar-yen has moved nearly two-times its average true range
after falling 133pip from the open, but the sharp overnight decline looks to have lost steam ahead of 90.20.
The daily average true range
comes in at 215 points and this would project a potential low into the lower 1.9100's.
The market has already met its daily average true range
and with the 78.6% fib retracement off of the 91.75-97.80 move now being exceeded, next key support comes in by the medium-term 91.75 low from July 13.
Hourly studies are now looking well overbought and the market has also exceeded its daily average true range
of 200 points.
The 200 point plus move is well beyond the 125 point average true range
for the market and has resulted in a test of some multi-day channel support off of the April highs.