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EURUSD : Is the Downside Limited?

(EURUSD : Daily Chart)

EURUSD finally came down today breaking the key support at 1.3586 and the next support at 1.3529. However the losses doesn’t seems limited to me and we can expect some more losses to the pair. 50 day SMA is still above the 100 day SMA and contracting towards it to cross below. If this happens this confirms that the pair will continue to follow the downtrend and if it find support it will be for a short term. Looking at the stochastic oscillator also it shows that the signal trend line is just trying to cross the blue average line which will also signal a continuation of downtrend.