Our weekly 22V Research Webinars highlight the monthly chart found at bottom for the EURUSD with our idea that it has risk to .85. Recent action where the cross was turned away from its downward-sloping 50-day moving average has accelerated weakening near-term price action and this is evident on the daily chart that precedes the monthly version.
EURUSD – Daily w/ 50- and 200-Day MA: Please notice that the EURUSD has failed for the fourth time at its downward-sloping 50-day moving average. We feel comfortable calling the 50-day moving average Hakeem Olajuwon – the NBA’s all-time leader in blocked shots. Also, daily momentum is turning down (bottom panel) without even getting into positive territory. And that’s like a team starting another losing streak after already being on a losing streak.
EURUSD – Monthly w/ 12-Month MA and MACD: Below key support @ 1.05, below downward-sloping 12-MMA and monthly mo at a new reaction low. Our target remains .85.
