The spike last Friday (7/13) is being reversed during the 7/16 European session, as a new trading week begins. The EUR/USD stayed below the 1.2250 handle and fell back below 1.22 before the 7/16 US session began. The 4H chart produces signs of bearish continuation. 1) Price action continues to make lower highs, and if it clears 1.2155, a new low will be made as well. 2) The 4H candlestick is convincing strong suggesting that bears are in charge. 3) The moving averages in the 4H chart are aligned in a bearish mode, with the 200SMA highest, moving down to 100, 55, 22, and 8 at the bottom. 4) The RSI remains below 60 ... (full story)