Sasha Singh
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Is EURUSD getting ready for Rewind or it is just an Illusion?

EURUSD : Daily Chart

EURUSD today extended losses after the release of the upbeat US Non-manufacturing data. Investors are not ready to short dollar even after the weak Non-farm payroll data released on Friday last week. On the daily chart of EURUSD it seems like the pair is trading within a falling wedge pattern which gives a bullish signal. Although I am biased towards the bearish side, as the 100 day SMA is contracting towards the 200 day SMA to cross below it. If it does the pair might break down below the key support at 1.3323. Also the resistance at 1.3472 will prevent the pair to move above it.

EURUSD : 4 Hour Chart

If looking at the 4 hour chart, the pair today declined below the key support at 1.3368 signaling a bearish move. In my opinion the pair will continue to follow downtrend as the demand for US dollar remain supported.