Posted on February 9, 2015 by the XM Investment Research Desk at 8:20 am GMT
Daily momentum remains quite negative. RSI is in bearish territory below 50, while the tenkan-sen is capping the market and keeping the underlying bearish bias. The falling Ichimoku cloud also reinforces bearishness.
In the case of a break back above 0.7500, the downside momentum would weaken and there’s a possibility to correct back higher towards the 0.7590 high again.
As long as the market remains below the key 0.7500 level, there is more scope for further downside moves towards the 0.7300’s.