EUR/USD: heading for further falls
January 17th, 2011
Pair has opened current candle below 20 SMA, while momentum indicator crossed upside down the 100 level, giving a selling signal that would get a stronger confirmation if price manages to extend the fall below 200 EMA around 1.3240 past Monday low. Last week bullish momentum, mostly triggered by short covering, could reverse once below that level, with the price heading towards the 1.3180 price zone first, followed then by 1.3120. On the longer view, pair has set a double roof around 1.3410, although neck comes at the 1.2880 low set earlier this month.
To the upside, pair needs now to confirm a recovery above 1.3335, to erase the bearish tone and attempt to reach 1.3360/80 price zone.
Similar Posts:
- EUR/USD: Finding support at 1.3280
- GBP/USD: bearish acceleration
- GBP/USD Bearish below 20 SMA
- EUR/USD: Losing strength
- EUR/USD 1.3730 is next
