EURUSD: Medium term action plan.

OANDA:EURUSD   Euro / U.S. Dollar
As per our last analysis (see the chart at the end of this text) EURUSD was rejected on the 1D MA200 near the 1.1200 barrier and is on a strong 2 day decline currently reaching the 1.10645 4H Support ( RSI = 30.287, MACD = -0.001, Highs/Lows = -0.0062).

As seen on the 4H chart, the RSI is on oversold territory and has more probabilities on the short term to rebound back above 60.000, effectively pushing EURUSD back within 1.1120 - 1.1140 before a stronger decline towards the 1.10645 1D Support. We are closely monitoring also for the formation of a 4H Death Cross.

This doesn't alter our long term bearish outlook towards 1.08900 - 1.08440 as illustrated by the October 23 analysis below:

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