The EURO is showing weakness against the USD.
Actually it is heading to the sloping neckline of the underlying S-H-S formation.
As the RSI is already deep a little consolidation is possible before the next drop could break the neckline.
This could lead the EURO to prices around 1.08 USD.
EURO in the longer run is still in the declining parallel channel, which it has tested three times on the upper side and also three times on the lower side. So this channel seems to be strong and one can conclude that EURO won´t stop on the 1.08 USD-Level but lower.
This is no trading advice!!
Actually it is heading to the sloping neckline of the underlying S-H-S formation.
As the RSI is already deep a little consolidation is possible before the next drop could break the neckline.
This could lead the EURO to prices around 1.08 USD.
EURO in the longer run is still in the declining parallel channel, which it has tested three times on the upper side and also three times on the lower side. So this channel seems to be strong and one can conclude that EURO won´t stop on the 1.08 USD-Level but lower.
This is no trading advice!!