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Aug 16 - 01:55 PM

EUR/USD - Rally Sellers Keep The Outlook Grave For Longs

By Christopher Romano  —  Aug 16 - 11:40 AM
  • EUR/USD rallied toward the 55- & 10-DMAs earlier but erased those gains

  • Price action almost exactly the same as what occurred on Tuesday Aug. 16

  • Both days a daily gravestone doji candle formed after early gains erased

  • Rising daily cloud base helps contain the downside but it looks vulnerable

  • Falling monthly RSI & consolidation of drop from Aug. 10 high are bear signs

  • Daily chart also shows head and shoulder top pattern is nearly complete

  • Break below daily cloud, support near 1.0830/40 brings 1.0635/65 into focus

  • For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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