EURUSD Daily 18.8.2015 - 11.24 am

EURUSD Technical Analysis on Daily Chart – On the Daily time frame. Pair met resistance at 1.121 level and headed lower after posting a bearish hammer candle three days ago.

Currently pair is headed lower towards the 15 ema and we have not seen any support yet.

Price is above the Pivot Point and a close below the 15 ema first, followed by a close below the Pivot Point will bring the bearish case back to fore.

Overall, we are in a consolidating market and sideways movement is to be expected as the pair trades within a slightly downward pointing channel.

A break above the channel might signal a deeper reversal to the upside.

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