Tuesday April 6, 2010 - 19:08:56 GMT
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FXTimes: Daily Technical Update EUR/USD Continues Decline after Breaking Head-and-Shoulders
EUR/USD Continues Decline after Breaking Head-and-Shoulders
- 4H: EUR/USD was testing the neckline of a
head-and-shoulder in the previous US session, and I mentioned that if
the neckline breaks, a swing projection may be in place. (Refer to Daily Technical Update 4.5.2010 EUR/USD).
- The target for a swing projection is near 1.3050. The area between
1.3400 and 1.3340 may provide some temporary support in the current US
session. However here are reasons the market is more likely in
continuation decline than a correction decline.
- The main reason is that the higher scale mode is bearish as we can see in the Daily chart.
- The RSI broke below support near 45 after failing to break and stay above 60, a bearish suggestion.
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