- Daily and 4H: The EUR/USD continues to hammer on the 1.2150 support, breaking is and almost reaching 1.21. The daily chart shows a swing projection to 1.17 if the current support breaks. The RSI is bearish is crossing below its SMA5.
- The 4H chart shows the market still in consolidation, RSI showing bearish bias.
- I am watching for a minor pullback, but a break seems imminent towards 1.17.
- However, there is always the scenario of further consolidation, and until a clean break, there is still the scenario of reversal.
- A rally should have limited outlooks of 1.2450 and 1.2650.
Fan Yang Currency Analyst Commodity Trading Advisor