Hello,
This week seems to be a red one for the pair as it is failing to close above its open and its 200 weekly SMA above 1.12.
Today, the momentum accelerated when the pair broke below a major support around 1.1180.
As shown above, the daily RSI broke below its trend line and the price is trading in a downward channel.
Support awaits at 1.1160-70 followed by 1.1050.
Traders should expect some profit taking before the continuation down.
Have a nice weekend,
Good luck.
This week seems to be a red one for the pair as it is failing to close above its open and its 200 weekly SMA above 1.12.
Today, the momentum accelerated when the pair broke below a major support around 1.1180.
As shown above, the daily RSI broke below its trend line and the price is trading in a downward channel.
Support awaits at 1.1160-70 followed by 1.1050.
Traders should expect some profit taking before the continuation down.
Have a nice weekend,
Good luck.
Ramzi Abou Abdallah, CFTe, CMT
♦️ Subscribe to my telegram channel for daily signals for free, link below:
♦️ t.me/accu_trading
♦️ Subscribe to my telegram channel for daily signals for free, link below:
♦️ t.me/accu_trading