Monday, 16 July 2012

EURUSD continues downtrend

Nothing much has changed since our last update on EURUSD. Trend remains down and the pair as seen in our 4hour chart remains supressed under the middle pitchfork resistance. The pair has tried to bounce back up, but it was rejected at the pitchfork resistance just below 1,23. A break above 1,2250 could push the pair higher towards 1,24. If the pair continues to stay below the pitchfork resistance, it could give a final push to a new low towards 1,20 where the psychological support lies.  A break below 1,2160 will confirm that 1,2250 is the stop level for bears.

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