quantguy
Short

Dark times for the Euro

FX:EURUSD   Euro / U.S. Dollar
From political instability to ineffectual QE , bullish news for the Euro             is scant. We can look for more confirmation from Draghi to this effect soon to come.

As far as the technicals are concerned, we have a very strong bearish head and shoulders pattern forming on the weekly chart. There is massive resistance from above via the ichimoku cloud which will make a turnaround difficult. The MACD is waning and the RSI indicates entry into a position is safe. Further, there seems to be some high selling pressure via the OBV indicator.

The Aroon indicator notes that we've entered bearish territory (on a day chart), and the ADX indicator is waning with the MACD , suggesting a collapse may follow soon, perhaps even after Mr. Draghi's speech.
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