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EUR/USD: Bearish Outlook Confirming |
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Technical Archives |
Written by CMS Forex |
Jun 22 10 12:39 GMT
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EUR/USD: Bearish Outlook Confirming
1H and 4H: Following up with the latest EUR/USD post. The topping action yesterday has now developed into a reversal. The support at 1.2350 was broken, and the topping action was complete.
The strength of the bearish attempt is now being tested with some support. The market is testing the 1H 200 period moving average, which is the 4H 50 period moving average.
More importantly, the 4H RSI is testing 40, a break below suggests the momentum has turned.
The 1.2240 level is 38.2% retracement, and the previous low on June 17.
The 1H chart is providing confirmation simply by showing lower highs and lows.
The 1.2150 area is a strong support. The next is 1.1880. These are applicable short-term targets for the current bearish attempt.
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About the AuthorCapital Market Services, L.L.C.
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All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot. |
