EUR/USD Weekly Analysis
EUR/USD has been trading in a channel since May of 2015. Its currently trading near previous highs of the channel and could see resistance here since it is a range environment. Signs of reversal are Stochastics coming down from the 85+ level for the first time since they broke that level in the week of 4/24 - 5/01. The %D line has started turning downwards since the start of June. MACD is a little bit above the 0 line and could have trouble holding above it, its also near a resistance trendline (blue line) from 2009 that has proved to be valid on 6 separate occasions. RSI just hit an extended support trendline (turned to resistance) that showed support on May 31, 2010 and July 16 2012. The support trendline was broken in early August of 2014 and was followed by a massive downtrend that lasted from August 2014 to March of 2015. The trendline then turned to resistance and was proved valid in April of 2016. RSI hit that trendline on March 29 2017 and has been down ever since, I think it will continue to go down along with price and see support at either of the trendlines drawn on my chart.
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