Weekly Review
The EUR/USD appears to be showing some weakness once again. The pair is still trading well below the 200 and 400 period WMA on the Daily chart and has also done so on the Hourly chart. The hourly chart did show a potential entry on the 20th at 1.1340, it wasn’t a trade that I would always recommend but enough was going in its favor to recommend it. It appears that the hourly chart has a bearish divergence which will signal even more momentum to the downside throughout the coming week.
To recap; The Daily Chart is bearish and has been since early July, this is leading to a much more bearish sentiment for all breaks below the longer moving averages, especially on the Hourly and 4 Hour time frames. The Hourly chart had been sideways for quite some time with only recently a slight push upwards. It appears that the overall bearish sentiment for the pair has quelled the push higher and new selling opportunities are showing and should be present in the coming week.
