Good day traders.
Last week was just another day of strong downtrend from the pair. It seems that the Euro fail to convince the investors to pour the money back. Well, I can’t blame them either. Greek crisis seems endless. And adding to that was the shocking announcement made by the French President that they might consider withdrawing from the single currency system if German doesn’t help with the Greek bailout. Somebody says about adding fuel?
Ok, lets look at the pair technically.
Here is the MONTHLY analysis for the pair:
Now, here’s the thing. My analysis always start from a bigger time frame. It’s just that I haven’t mention it in my blog all the time, and guess, it has been some time since I update it! But now, I see the importance of updating this blog more than ever. Thanks to Stephen!
The pair has showed it’s bearishness sign since November last year. If you’re a swing trader, you’ve made at least 2880 pips (that is if you on the bear channel). Now the question is, HOW STRONG IS THE BEAR? According to the RSI, it has nearly approach the oversold area (20 – 30). But still there are some pips to catch on the way down.
The psycho line at 1.2000 proves to become a decisive line its going to go down. Many traders would agree the line will be broken in near future. Then again, it can also be strong support line for the pair.
Here is the HOURLY analysis for the pair:
Looking at the RSI, the price had already reached the oversold territory. But that doesn’t mean you can buy now. Lack of supporting news from both currency today (EUR and USD), has had the pair moves a bit slow. Although the TLC news will appear tonight, I personally think that it wouldn’t make any huge impact.
The whole trading idea is still on BEAR. The only thing is, you might have to find the correct entry point before you make an order.
I might as well stay out of trading today. Cheers! 
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