Today, nothing eventual happened to EUR/USD as they fundamentally remained overwhelmingly bearish as the technical chart pattern is about to lose its major support levels.
At the mid-session, sellers are continuing to hit the EUR/USD. Today, a negative outlook for Euro Zone inflation has triggered the selling pressure for the Euro Zone inflation.
A violation of a 1.2332 he monthly support angle increased the downside momentum. Forex duo on pace is tested for a place to the next 1.2332 angle following the 1.2042 main bottom of July 2012.
On the positive side, the overcoming 1.2115 will serve as the first sign of short-covering. There may be limited gains; however, the major players are likely going to continue pressing for a lower market.
On the hourly chart, the main trend is downward as the momentum continues to point lower. Remember that the basic picture is bearish and continues to be bearish as the term that is near-to intermediate on any rally is generating it’s short-covering and position-squaring. The time is a little too early for the bottom-pickers to show up.
The hourly charity does not offer major support yet investors should pay attention to the chart-patterns. Traders must watch for “W” bottoms and reversal bottom of closing price to signal that the buying is greater than the selling at a price in current levels.