The EUR/USD pair had a very negative showing during the Wednesday session again, closing well below the 1.30 level. Also, as you can see on the chart we are decidedly below the 200 day exponential moving average, which of course should bring him quite a bit of bearishness as well. Looking at this chart, there is quite a bit of noise below the 1.30 level, so although we are bearish, we don’t expect some type of meltdown, rather a grind lower to roughly the 1.28 handle. As far as buying is concerned, we would have to close above the 200 day moving average again to consider it.
Written by FX Empire