Euro Responds to USD Decline

As a short-recap, the opening gap of the EURUSD in the Asian trading session last Monday,the 16th of September prior to the FOMC rate decision have made some traders take fresh short positions. Since one of the commonly used technical indicator in the market is the Relative Strength Index better known as the RSI are way above the overbought area.

Aside from the expected report, earlier trade sentiments from the speculative positions have been held shorts on both the European currency pairs. These has been due to the scheduled taper-talk that had re-emerge in the market, thus keeping USD bulls overshadowed that the market's expectations were simply too high favoring the USD which they like. As reports like the Market Sentiments Index have likewise indicated a bias and one-sided bullish market survey on the fundamental-side of the USD due to the earlier report by the Fed tapering this September.

Euro Responds to USD Decline