EUR/USD
Strategy: Pending Short
The bottom line for EURUSD is virtually unchanged from what we identified last week, with prices seemingly on track to set a double top 1.5065 as the RSI oscillator shows clear negative divergence with the highs in price action. Long-term positioning is also supportive, with weekly charts showing a formidable Bearish Engulfing pattern. We will look for confirmation of a trend change on a daily close below support at a rising trend line established from the lows in March (now at 1.4855) to establish short.
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