EURUSD Meets Upper Resistance, Proceeding Downward

FX:EURUSD   Euro / U.S. Dollar
69 0 0
Happy Monday to all the Traders!

For those that were unable to collect this morning (EST) on the upward trend that continued to be formed last week, we may see another option to gain a high amount of pips.

Today's high seems to match the downtrend resistance line formed from the June 22 high, possibly implying that we have met our highs and shall be proceeding downward.

We can see that tracing our data from June until now, there is a definite down trend occuring (highlighted in YELLOW), and keeping this in mind ,we would expect any movement at this point to continue following the trend and proceed towards 1.10 and below.

Our first major support to watch would be the Fib 38.2 (1.10480). Any closes proceeding this point may further confirm our downward movement.

It is also interesting to note the RSI values and their direct relation to movement over the last month. We have highlighted any major breaks above 70-RSI and noted the perfect allignment with the continuation of a downward movement (i.e. RSI implying severely oversold values).

Keeping this in mind, we are currently facing an RSI right below 80, further confirming our suspicions on bearish correction.

We are holding a SHORT position at 1.1110 and will be closely monitoring any breaks to our resistance points produced by Fibonacci or previous resistance levels.

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out