I am still a bear on this pair as I still see the downward momentum continuing.
The EUR/USD tumbled down to trend line support following comments from the Fed’s Harker that a rate hike at the March meeting should be left on the table.  The exchange rate fell to support near an upward sloping trend line that comes in near 1.0535. Resistance on the currency pair is seen near the 10-day moving average at 1.0619


Source: 21-2-17


Our pair is currently sitting at a strong support right now and the bulls are holding the price up. We also notice that the EMAs are pretty flat at this moment , signalling a ranging market , although the 55 is above the 21.

Source: 21-2-17


The stochastic is flat at oversold and the 21/55 EMAs are showing great speed between them and going down , showing that the markets are bearish at the moment and the momentum can still continue.

Source: 21-2-17


One can wait patiently for a perfect shorting entry on the pair, waiting for the price to go up to MPP and pull the trigger as that area is filled with bears. One can also take a short position at the fib zone (1.05580) if the bulls fail to push the price up to MPP. The fib zone is just below MM2 and that can also play as our resistance. One can also look at the 21 EMA as dynamic resistance and take a position when the price meets the 21.

Source: 21-2-17

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