EUR/USD In Bearish Weekly Trend
The below is the weekly chart of the EURUSD. The currency pair has charted a lower peak followed by a lower trough and is considered to be in a downtrend. Moreover, the RSI(9) is below 50 and indicative of an underlying bearish momentum. We are assessing if the downtrend is set to continue. In order to do so, price will need to close below the green horizontal. This will give weight to the candle of three weeks back, which may be a bearish reference candle. I.e. a candle with a lower high to either side of it (blue ellipse). We continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.