KEEPING THINGS SIMPLE ON THE EURUSD (1 day, log scale)
-price was meeting resistance (horizontal & downward sloping trendline), has turned -the April/May negative divergence worked out -at the time, RSI was just slightly at overbought levels (I would prefer a larger RSI overbought reading for a start of an uptrend). -we have a slightly lower high, that by itself counted as a negative for EURUSD -RSI now turned to the downside, and it has now reached the maximum low of any RSI bull range 40-70
BUT: - the downtrend has not proven wrong - the utrend is broken on the daily - the gap is about filled on the currently developing retest
In all & until proven otherwise: EURUSD on the daily switched from neutral to bearish, there's no other way to look at it. Surely, it will bounce off here and there , but all action looks to the downside. First target: 1.0820, thereafter (after a short rebound) possibly a retest of 1.0450.
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