Forex Technical Update
EUR/USD 1H Chart 9:45AM EDT 6/21/2012
The EUR/USD is pushing lower after the stock market opened up in the 6/21 US session (9:30AM EDT). It broke below the 1.2635 low established after the FOMC statement. Also the RSI in the 1H chart is falling below 40, a sign that the bullish momentum established this week is lost.
Still there is just a bit more room to the downside before we can call the market topping.
First of all there are some support factors near 1.26. We have the 200-hour simple moving average and a rising trendline for June's correction channel. A break below this with the RSI dipping below 30, are the first signs we have completed June's correction rally.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist of FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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