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EUR/USD – Selling pressure picking up

The EUR/USD pair is trading above its upward trend line on a 30 minute time frame. The price is moving sharply towards the downside and it has crossed its 50 and 100 day moving averages shown in yellow and red color respectively. This confirms that the bears are in strong control of the price and as long as the price stays below these averages, the odds for any upward move are limited. A small possible buying pressure could hit the price near its upward trend line, but a break of this trend line will confirm that the bias stays towards the downside.

The RSI and the MACD indicators are trading in line with the price action which means that the trend towards the downside has a momentum behind it.


EURUSD 22-06-2015

1.1102-1.1081 Major

1.1223-1.1202 Minor

1.1448-1.1467 Minor

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