A bullish movement of the EUR/USD cross hasn’t received much support as of late. Below, I will demonstrate that the EUR/USD pair has already commenced a downward trend for today, as a bearish cross has taken place on the Slow Stochastic. In addition, the Relative Strength Index indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure, and the cross may tumble another 50-110 pips in the coming 2 days. Traders are strongly advised to take advantage of the trend at an early stage. Therefore, why not open short positions at an excellent price?
The next support level is located at the 1.3580 level.
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Anton Eljwizat is a Currency Analyst with ForexYard. His experience in writing technical analyses for trading companies such as ForexYard has helped Anton stand out among other analysts. His understanding of technical indicators and chart analysis helps him provide some of the most groundbreaking analysis in the market today. His writings have been published on the ForexYard Trading Blog and affiliate websites. Anton holds a degree in Business Management from Ryerson University as well as a degree in Finance from Centennial College in Canada.
