EUR/USD Under Major Pressure
AvaTrade | May 15, 2014 07:00AM ET
The EUR/USD is under tremendous selling pressure this morning. The pair is still trading within the downward channel on a 60 minute time frame. The price has broken its minor support zone, but there is a major support zone just below that. We also have the piercing of the Bollinger band which means that the counter trend trade could be on the card because the price is trading well off from its 20 day moving average.
The RSI is showing a clear sign of positive divergence in relation to the price action which mean that the bias could be to the downside. The positive divergence takes place when the price makes the lower low, but the RSI does not confirm this.
Resistance Levels
1.3992-1.3968Major
1.3845-1.3823 Minor
Support Zone
1.3693-1.3670 Minor
1.3658-1.3635 Major
h3 /h3Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
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