Sasha Singh
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EURUSD : More Losses to Come

(EURUSD : 4 Hour Chart)

EURUSD finally broke below the rising support trend line which was providing support to June Prices. The pair declined after the upbeat US NFP data and the European Central Bank reiterated that rates would remain on hold for a long period of time. The pair earlier showed bullish movement breaking the resistance at 1.3638 but again declined breaking below the 50 day SMA also. It found support from the 100 day SMA and now currently testing the resistance from 200 day SMA and also from the rising support trend line. If the pair continue to rise the nearest resistance it will find is at 1.3625. 

(EURUSD : Daily Chart)

Looking at the daily chart, the pair is still seems consolidating within a symmetrical triangle. Bias is towards the breakout from the support trend line so we might see some more losses from the pair. 50 day SMA moving towards the 200 day SMA is also giving some bearish signal. %D line crossing below the %K line in the stochastic oscillator is also signaling a bearish trend.