Trade of the day. Breakout Downwards likely on EURUSD.
A few things to notice about this chart.
1. Price bounces down from 100 MA. Before November it was bouncing above from it. This line is key.
2. MACD shows price doesn't have a direction and has been consolidating since December. When the market decides EUR is going up or down, large orders will be placed in that direction.
3. There have been a serious of breaks downwards from upward trending lines indicating a downwards bias for about a year now. With EU presenting further QE, there is huge pressure to push the EUR lower and this is likely to continue.
4. Bollinger Band the tightest its been for years. A huge move is coming. It could go either way, but see point 3.
5. Price is dropping to converging supports in both upwards trend support and long-term horizontal support.
Monday will be big. A spike down and we are likely to see the price possibly go to parity. It is possible that we have a few more days of consolidation however I still favour downwards bias.
1. Price bounces down from 100 MA. Before November it was bouncing above from it. This line is key.
2. MACD shows price doesn't have a direction and has been consolidating since December. When the market decides EUR is going up or down, large orders will be placed in that direction.
3. There have been a serious of breaks downwards from upward trending lines indicating a downwards bias for about a year now. With EU presenting further QE, there is huge pressure to push the EUR lower and this is likely to continue.
4. Bollinger Band the tightest its been for years. A huge move is coming. It could go either way, but see point 3.
5. Price is dropping to converging supports in both upwards trend support and long-term horizontal support.
Monday will be big. A spike down and we are likely to see the price possibly go to parity. It is possible that we have a few more days of consolidation however I still favour downwards bias.
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