FX:EURUSD   Euro / US-Dollar
Daily analysis of the EUR/USD chart indicates that this pair is potentially over bought with the RSI breaking the 70 level multiple times and coming back below, showing that the upwards momentum is slowing down. The daily chart also shows that price actions has deviated significantly away from the 50 EMA suggesting that there is a potential pull back to the downside as price action reverts back to this mean. The four hourly chart shows two major rejections at the key 1.25000 level, forming a potential double top formation indicating a momentum slow down. This is also supported by the RSI bearish divergence formed with these two major rejections creating higher highs in price action but lower highs in the RSI graph (indicator). The hourly chart shows that price action has formed a bullish channel that that can be broken down in smaller channels where a trend line intersects through the center of the major channel. Once this major channel has been broken I feel that this pair will move down to the 1.23000 level. There is significant hourly resistance at 1.24722 and support/resistance at 1.23861, which once broke will see EUR/USD move towards this 1.23000 level giving opportunities for potential trade management at this point. on the short term price action has pulls back from the long term channel lower trend line and rejecting of the 61.8% retracement level, indicating that price will continue with this short term downwards moment. this is a good opportunity to enter the trade as this 61.8% fib level coincides with the 1.24722 level. The path price action might take will be to break the long term channel then pull back and retest the lower trend line of that channel then continue to the down side, if there is no retest price action will continue to the downside breaking the 1.23861 level.
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