August 6, 2008 05:07

Technical Analysis – EUR/USD Mid-Term Downside

Posted In: Technical Analysis
By:

8-6-08

5:00a GMT – The monthly/weekly outlook for EUR/USD remains to the upside, but the daily and especially the 4h charts are showing clear bearish patterns. In the short to mid-term I favor the downside with a possible rise to the red resistance trend line currently around 1.5575 before testing lows again. 4h RSI is just crosses back from oversold but the 60M and daily have plenty of room to fall.

Trading Idea: Shorts favored below 1.5550 with targets at 1.5515 and 1.5435.

(click to enlarge)

EUR/USD

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