JohnLaw
Short

Stumbling the EURUSD legs by the day

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


-price was meeting resistance (horizontal & downward sloping trendline ), has turned
-the April/May negative divergence worked out
-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 have a slightly lower high, that by itself counted as a negative for EURUSD            
-RSI now turned to the downside, and it has now reached the maximum low of any RSI bull range 40-70

BUT:
- the downtrend has not proven wrong
- the utrend is broken on the daily
- the gap (AGAIN a gap!) has been filled on the currently developing retest (AGAIN!). What a bitch, this EURUSD             is :)

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