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May 28, 2013
Selling pressure revealed as EUR/USD breaks 1.2900
FXstreet.com (Barcelona) - The EUR/USD is edging lower during the Asia session, taking out the previous day low of 1.2915 and now sitting down 43 pips at 1.2890.
The FXStreet.com Trend Index remains Slightly Bearish on the 1 hour chart, while the OB/OS index remains Neutral. The RSI (14) is also in bearish set up on the 1 hour chart, failing again near the 60 level and now breaking below 40 which confirms the bearish 20 and 60 zone is still intact.
From a longer term technical perspective, moving averages remain slightly bearish on the daily chart, while the RSI (14) is also bearish failing to make advance above the 50 level and now sitting just above 40. Initial support sits at 1.2875 (short term uptrend line on daily chart), while first resistance sits at 1.2925 (previous support, now resistance on 1 hour chart).
The FXStreet.com Trend Index remains Slightly Bearish on the 1 hour chart, while the OB/OS index remains Neutral. The RSI (14) is also in bearish set up on the 1 hour chart, failing again near the 60 level and now breaking below 40 which confirms the bearish 20 and 60 zone is still intact.
From a longer term technical perspective, moving averages remain slightly bearish on the daily chart, while the RSI (14) is also bearish failing to make advance above the 50 level and now sitting just above 40. Initial support sits at 1.2875 (short term uptrend line on daily chart), while first resistance sits at 1.2925 (previous support, now resistance on 1 hour chart).