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EURUSD weakness warns of another leg down

EURUSD Tech analysis by Simon Kazinsky on 12:16 Octuber 09, 2017 EST



The pair hit resistance on the moving average that has previously acted as support on the monthly chart and now, as tends to happen, appears to serve as resistance. This moving average is just north of 1.20 and got pierced but price action quickly developed downwards.

The uptrend from 1.04 is still intact though a break below 1.165 would provide higher confidence that the tide has changed for the world's most traded pair.

On the meantime the view is neutral to bearish.


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