EUR/USD: under pressure once more [Video]
|EUR/USD
The euro is suddenly under pressure once more. After edging back higher over recent sessions, a decisive negative candle threatens the recovery uptrend again. Another failure to breakout above the October resistance at $1.1180 is a concern as the emphasis turns back on the five week uptrend again. We have already had to slightly redraw the trend higher following intraday breaches a week ago, so already the integrity of the trend has been questioned. Another drop back under $1.1100 would now break the euro recovery trend. Momentum indicators are also now beginning to question too. The Stochastics and RSI are looking tentative, whilst the MACD lines have converged and could easily now bear cross. The rising 21 day moving average (a good trend gauge) needs watching at $1.1090 but the key support is the $1.1070 low. Hourly indicators look on the brink of turning corrective now. A failure on hourly RSI under 50/60 would be a worry. Initial support at $1.1110.
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