EUR/USD: Losing strength
October 27th, 2010
Euro has been losing momentum since mid American afternoon, having reached in the hourly time frame overbought conditions, with indicators heading south before Nikkei opening. 4 hours chart here shows that 20 SMA below current price holds a bearish tone, while indicators are turning flat above their midlines. Corrective movement towards 1.3890/1.3900 price zone seems likely before a new leg up, yet only below 1.3880 pair will turn bearish aiming to retest the 1.3800/30 price zone. Gains above 1.3970 should trigger a quick run towards 1.4020 price zone where a short term descendant trend line should halt the rally; if above 1.4060 is next.
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