EUR/USD – Falling top formation intact, bearish below 200-DMA
Euro’s retreat from 1.1234 (Aug 2 high) followed by daily closing below back inside the smaller falling channel indicates the corrective rally from the post Fed low of 1.0961 not only failed to break falling tops formation but has ended last week.
Hence, a cut through 200-DMA level of 1.1078 today could yield a fresh drop to 1.1030-1.10 handle.
On the other side, a clear break above 100-DMA level of 1.1230 would suggest bearish invalidation.
Hence, a cut through 200-DMA level of 1.1078 today could yield a fresh drop to 1.1030-1.10 handle.
On the other side, a clear break above 100-DMA level of 1.1230 would suggest bearish invalidation.
