EURUSD TURNS STRONGLY BEARISH ONCE AGAIN , DOWNSIDE RESUMPTION !

8 Nov 2015

After consecutive blows Euro has finally reached a point where we have broken out of the support area's and we will now be seeing them act as resistances If we are to retest those area's.After closing @1.0736 last week Euro/$ has broken out of the medium term trend channel which started from March 2015 has finally reached conclusion with a strong breakout last week.Levels in focus this week will be 1.0704-1.0698 , 1.0658-1.0678 If we break below those Support from March 12th 2015 can come into play which is @ 1.0450 area, Resistances to keep an eye out for are 1.0802 , 1.0844 & 1.0888 , prices are also trading well below the 100 day SMA and the 100 day EMA.This week will be a crucial as we will find out if we will see a hold and consolidation here again or keep plunging to fresh lows in the month of November. A weekly close below that level greatly increases chances of the pair hitting parity level either in this year or the next