JohnLaw
Short

STUMBLING the EURUSD legs by the day

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


I KNOW - AGAIN :o) THIS IS A CONFIRMATIONAL UPDATE

-the April/May negative divergence worked out
-price was meeting resistance in June turned down as expected
-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 are seeing lower highs and (less pronounced) lower lows
- breaking of the trendline was followed by a pretty violent retest, all the way to 1.12
In all & until proven otherwise: EURUSD             on the daily switched from neutral to bearish some time ago, and there's no way to look at it as being bullish . Surely, it will bounce off here and there , but all action looks to the downside. First target remains: 1.0820, thereafter possibly a retest of 1.0520 / 1.0450

Two days ago I said: "a breaking of the RSI support-line will be indicative of this". This has now happened & therefore we're looking for further downside. Note: the RSI is certainly not oversold yet - so further downside also the objective from this. (MIND YOU: an oversold reading would only validate that we're into a downtrend again - it's not to say that downtrend would have been complete. Nope.)




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