EUR breaking down against the USD on Turkish fears?
Technicals down on all time frames
Death cross on the monthly chart
H&S pattern on the weekly chart
Broke the SMA 100 to the downside
Consolidation from the top of the current down channel (monthly)
Bit oversold but the picture looks negative medium term, from here
Look for a break of the SMA 200 at 1.1365, in which case higher probability of completion of the H&S formation to the downside - Target 1.1055
Death cross on the monthly chart
H&S pattern on the weekly chart
Broke the SMA 100 to the downside
Consolidation from the top of the current down channel (monthly)
Bit oversold but the picture looks negative medium term, from here
Look for a break of the SMA 200 at 1.1365, in which case higher probability of completion of the H&S formation to the downside - Target 1.1055
Comment:
After breaking SMA 200 on the downside intraday today, the EUR is rebounding off this resistance. Watch an upside breach of 1.1465 for a continuation of the rebound in the short term or a more sustainable break of 1.1365 to the downside for a continuation of the down move. Medium term picture remains down.