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
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