Bears regaining control of EUR/USD pair

EURUSD D1 (03-23-2016 2159).png

The bird has cut through 1.1195 – rising trend line (red) seen on the daily chart.

Now the odds of a daily close below 1.1195 are high, which means short-term top at 1.1342 is in place.

Acceptance below 1.1195 on daily closing basis also indicates increased odds of a drop to 1.1115.

From here a consolidation with downside bias appears unlikely. Short-term bullish invalidation is seen only below 1.1115 (rising trend line)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s