JohnLaw
Short

Stumbling the EURUSD legs by the day

FX:EURUSD   Euro Fx/U.S. Dollar
KEEPING THINGS SIMPLE ON THE EURUSD            
(1 day, log scale)


-the April/May negative divergence worked out
-price was meeting resistance in June turned down as expected
-at the time, RSI was just slightly at overbought levels (I would prefer a larger RSI overbought reading for a start of an uptrend)
-we are seeing lower highs and (less pronounced) lower lows
- breaking of the trendline was followed by a pretty violent retest, all the way to 1.12

In all & until proven otherwise: EURUSD             on the daily switched from neutral to bearish some time ago, and there's no way to look at it as being bullish . Surely, it will bounce off here and there , but all action looks to the downside. First target remains: 1.0820, thereafter possibly a retest of 1.0520 / 1.0450

A breaking of the RSI support-line will be indicative of this
nice
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my Target is 1.050, too !
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