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2014.07.2307:43:00UTC+00Iron Fx Global: Euro Outlook
Declined significantly on Tuesday, falling below the psychological barrier of $1.3500 and breaking below the lows of February at $1.3475.
We believe the move sets the stage for larger bearish extensions, opening the way towards the $1.3400 support area, marked by the low of the 21st of November.
The MACD remains below its blue resistance line and below both its zero and signal lines, confirming yesterday's negative momentum.
The RSI dipped within its oversold zone, but it's pointing sideways. We ould search for a price bounce upon its exit from the extreme area.
In the bigger picture, the move below the $1.3475 hurdle confirms a forthcoming lower low, while the 50-day moving average touched the 200-day one and a bearish cross in the near future will add to the negative outlook of the pair.
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