The pair is still in a downward channel

17 May, 2017

The recovery from monthly lows seemed to be over. The buying momentum stalled at 0.6915 which appeared to be a pivot point. The market turned bearish sending the price down to the recent lows. The price softened during the Asian session and the European morning. Bulls were trying to regain control during the day. However, all their attempts were useless. The EMAs were negative while MACD and RSI were neutral. The resistance lies at 0.6900, the support comes in at 0.6850. The pair is still in a downward channel. The price bounced off its upper limit and headed to its lower one. A daily close below 0.6850 would risk 0.6815 first, en route to 0.6800.


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