The EUR/USD is in a downtrending market

Forexmentor.com Forex Trading Price Action

The weekly and daily charts for the euro clearly display a downtrending market (divergence x 2 on the weekly, and MACD down on the daily). From a day trading point-of-view, the 4 hour chart said it all well before the London open today – all three EMAs (50x100x200) trending down, having put in their respective Death Crosses.

Coming into today’s session, we had negative divergence on the MACD histogram, followed by a 1-2-3 top on the 15 minute chart. A Joe Cheung price projection, using the number two point as the swing low, foresaw price swooning down to the S1 level – which it did!

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