Tuesday, 10 July 2012

No sign of support in EUR/USD

 EUR/USD continues its downward trend making small pauses on the way. We believe that 1,20 will be visited very soon as any upward move looks corrective and weak. On the 4 hour chart the pair has broken the middle pitchfork support and back tested it in the previous 2 sessions. The decline has an impulsive structure that supports our bearish view that was noted again from 1,26 levels.

Taking a closer look at the intraday chart, it's much clearer that the trend is down with some upward corrective bounces along the way. 1,2220 lows are going to be tested. In order for a larger upward move to happen, the pair must move above 1,2340. Concluding, the trend remains down with targets at the area of 1,20-21. Bears should cover above 1,2350.

No comments:

Post a Comment