Good morning all,
The EUR/USD prices dropped yesterday with 115 pips from the 1.2575 to the 1.2460 level which represents the main support level as we see on the weekly chart.
Concerning the 4 hours and 1 hour charts, the prices are still treading within a downward channel.
This confirms the bearish trend of the market and if it breach down the 12456 level, it will slip further towards the 1.2340 level.On the 1 hour chart, The EUR/USD prices are trading below the EMA 20 and 50.
The RSI and MACD indicators also confirm the bearish trend of the prices, so we expect it will decline to reach the 1.2340 level.
However, should the prices rise towards the main resistance level of 1.2575, this represents a great opportunities to enter a sell positions.
Nice trading all
(Read more http://www.mbcfx.com/news/news_en30_05.html)