EUR/USD: The slide continues [Video]

Richard Perry Independent Analyst

EUR/USD

The slide on EUR/USD continues. Another negatively configured candlestick on Friday shows that the market is increasingly happy to sell into strength. The importance of the resistance from the old support band 1.1695/1.1750 is growing and how the bulls react around here will be important if a rebound kicks in over the coming days. We now see a new downtrend formation of lower highs and lower lows of the past few weeks. With the top pattern now in place, alongside momentum which is now correctively configured, we see near term strength as a chance to sell. This will at least be in place until 1.1750 resistance can be broken. A retreat towards the 1.1420/1.1490 old highs is still likely.

Author

Richard Perry

Independent Analyst

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