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EURUSD : Might Extend Its Losses

(EURUSD : 4 Hour Chart)

As I mentioned in my blog about EURUSD yesterday that the pair was following a falling wedge pattern the pair broke out from the resistance trend line of the wedge. It found resistance at 1.3618 or 50 day SMA and declined. Now the nearest support the pair may find are at 1.3600 or 1.3581. Breaking far below all the moving averages will give a bearish signal.

(EURUSD : 4 Hour Chart)

However if we insert Fibonacci retrenchment levels on the chart, the pair is breaking below the 50 fib level. So the next support would be either 61.5 fib level or the pair might decline to 1.3510.

(EURUSD : Daily Chart)

On the daily chart we can see that the 50 day SMA provided resistance to the pair and crossed below the 200 day signaling that the pair will continue to follow downtrend.