London Session Watch - EURUSD

FX:EURUSD   Euro / U.S. Dollar
198 0
The false break of the inside bar candlestick pattern on EUR/USD has caused the price to slide significantly lower. This false break candlestick also formed at the 1.2732 resistance level which we covered on Monday. The false break inside bar candlestick pattern also formed at the 200 period moving average as well as the upper band of the Bollinger Band , which adds weight to this drop . The false break of the inside bar candlestick pattern itself is another bearish engulfing bar candlestick pattern which once again adds fuel to the bears. Since the price failed to cross above the 200 period golden moving average coupled with Tenken-sen crossing below the Kijun-sen, we could see this false break of inside bar candlestick pattern leading the price lower in today’s London session. The Parabolic SAR indicator and the MACD indicator are supporting this downside movement and the volume and the volatility (as we can see throught the Average True Range (ATR) indicator) are increasing which is a good sign to the downside. On the flip side, the Stochastic indicator, Commodity Channel Index ( CCI ) and Relative Strength Index ( RSI ) are showing the price is currently in oversold territory which could potentially cause the price to take a breather before proceeding lower. The current resistance level for this market is at 1.2732 and support level at 1.2500. With all that being said, we could still have some selling opportunities in today’s London session and the 1.2500 support level could serve as a target for sellers to take profits.
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