orvilleawright

The downward momentum has slowed. Expect some correction.

FX:EURUSD   Euro/U.S. Dollar
EURUSD             (4H): The downward momentum has slowed as price runs into the 1.10000 level. I expect some correction. This zone is also the 161.8% extension of a previous down swing. Price is trading slightly below the down channel lows and is overextended with significant separation from the 50 SMA . The USD as been strong and I expect selling pressure at previous swing highs as far as up to the 61.8% retracement .
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