Today the EURUSD
sunk through both the 20 day moving average and a supporting trend line
going back to early March of this year. Adding to the bearish
picture, we have multiple upside attempts over the last 10 days getting slapped back, the MACD
crossing under, an RSI
that's diving, and today's close below the highs and closes of the February and March 2016 peaks. Also, given that the pair has been tightly coiled up for about 10 sessions around the 1.14 level, the release of that potential energy could somewhat exaggerate the downside momentum. Perhaps we will finally see some USD strength to give those starving bulls something to chew on?