FX Trading Idea EUR/USD

Price has broken below a 2-week trend channel, with Stochastic moving lower but has not reached the oversold extreme as yet. There could be more rooms for price decline. MACD fast line has also moved below the zero line although the slow line is still above the zero line.

There was a bearish divergence warning from Stochastic but MACD did not give a bearish divergence warning. We think price may have hit a high at 1.1062 and could be moving lower to 1.0945 over the next couple of days.

We recommend a sell on EUR/USD at 1.0995 for 1.0945 with a stop at 1.1030

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