- EUR/USD's bear flag breakdown has exposed September lows.
- The daily chart RSI also favors deeper losses.
The path of least resistance for EUR/USD is to the downside.
The pair fell by over 0.6% on Wednesday, confirming a bear flag breakdown on the daily chart. The breakdown indicates the sell-off from the Sept. 1 high of 1.2011 has resumed. As such, a re-test of the Sept. 25 low of 1.612 looks likely.
Supporting the case for a deeper drop is the below-50 or bearish reading on the 14-day relative strength index. Also, the daily chart MACD histogram is printing deeper bars below the zero line. That's a sign of the strengthening of bearish momentum.
The bearish outlook would be invalidated if the pair finds acceptance above Thursday's high of 1.1758. At press time, the pair is trading largely unchanged on the day near 1.1673.
|Today last price||1.1673|
|Today Daily Change||-0.0002|
|Today Daily Change %||-0.02|
|Today daily open||1.1675|
|Previous Daily High||1.1759|
|Previous Daily Low||1.165|
|Previous Weekly High||1.1881|
|Previous Weekly Low||1.1703|
|Previous Monthly High||1.2011|
|Previous Monthly Low||1.1612|
|Daily Fibonacci 38.2%||1.1692|
|Daily Fibonacci 61.8%||1.1717|
|Daily Pivot Point S1||1.163|
|Daily Pivot Point S2||1.1586|
|Daily Pivot Point S3||1.1522|
|Daily Pivot Point R1||1.1739|
|Daily Pivot Point R2||1.1803|
|Daily Pivot Point R3||1.1847|
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