EUR/USD - Continuing Bearish Drop to the Downside

By: Doug Rosen

This pair maintains its bearish flair. On the weekly chart price has once again fallen outside and below the lower Bollinger Band and has been doing what we refer to as 'Walking the Band'. It makes its way back in the band just a bit, touches the 5 ema then seems to always fall back out and below the lower band.



On the daily chart price also looks extremely bearish. It is inside the Bollinger Bands but the lower Bollinger is wide open and sharply pointing down, a bearish indication that cannot be ignored. Price is spaced a bit from the daily 5 ema so I would expect price to retrace a bit back up or slow down just enough to make contact with the daily 5 but price does not have to do that. Price is continuing to fall as I write my analysis for today and is below the previous month, week and daily lows.



All I have to do is glance at the 4 hour, 1 hour and 15 minute charts and I basically see the same thing, that price is coasting along the 5 ema's very gracefully and at this time there is nothing that tells me anything but continuation to the downside. This pair looks bearish and I will stay bearish until proven otherwise.