EUR/USD Breaks Down Consolidation Range
Consolidation: In the previous update, I noted that EUR/USD’s failure to break above the 1.3306 resistance and falling below 1.32 would be a sign of weakness with focus back on the recent consolidation range support at 1.3156. The EUR/USD broke down this support during the 1/3 Asian session, and continued to 1.31 during the European session. Momentum, pullback: The RSI is pushing below 40, a sign of lost bullish momentum. A tag of 30 would reflect the start of some bearish momentum. Now that the market has shown topping action, a pullback can give extra weight to the bearish outlook, or show us that bulls are still in charge...
- Posted: Jan 3, 2013 7:56am
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