Has EURUSD Lost Its Mojo

25 ביולי 2016

EURUSD The inability of the EURUSD to rally above 1.1103 after trying multiple attempts is a concern here. Everything looked OK up until June 20th when it broke down through the rising trendline only to reverse upwards but failing to stay above that trend line. The weekly price action since then has been one of erosion as can be seen by the purple downward trendline, indicating that 1.1103 area is tough to maintain.
Technically whats most troubling is the steady erosion taking place where price action is about to test the next lower support area of 1.0795.