EURUSD London Session Watch

FX:EURUSD   Euro / U.S. Dollar
EUR/USD slid after the price moved slightly higher and created a pin bar candlestick pattern near the 1.3000 resistance level . The price has fallen further since then and is currently trading around the 1.2870 support level . The long term trend is still bearish as the short term moving averages (10 and 20 period) are still below the long term moving averages (50,100 and 200 period). Besides, Tenken-sen remains below the Kijun-sen which increases the odds for short sellers. The oscillators on the other hand are showing Euro is oversold and might cause the price to have minor rallies before continuing the downside movement.
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