Weekly chart pattern - Rising channel at risk of bearish break
Weekly RSI - Rising trend breached
Strong support at 1.1088 = confluence of weekly 50-MA and rising channel support
Outlook
Weekly RSI - Rising trend breached
Strong support at 1.1088 = confluence of weekly 50-MA and rising channel support
Outlook
- Euro's rebound from 1.1097 if followed by a day end closing above daily 100-MA at 1.1176 would signal a short-term bottom has been made and prices could test weekly 5-MA at 1.1236 (also 38.2% of 2015 low-2015 high).
- On the other hand, a failure to take out daily 100-MA could trigger a break below 1.1088.
- A weekly close below 1.1088 could signal further losses towards 1.08222 (red support line on the chart).
