We clearly have a top in place on the EUR/USD

Forexmentor.com Forex Trading Price Action

The 4 hour and 15 minute charts told the story for the euro, well before the London open today. The 50x100x200 EMAs were stacked in their proper order for the continuation of a downtrending market. As a matter of fact, an argument could have been made for a downtrend continuation pattern, which in fact, did unfold picture-perfect. That said, positive divergence MACD to price is now in place, which should halt the slide, at least for the time being. We clearly have a top in place if you look closely at the daily and weekly charts – negative divergence times two.

On other fronts, the uptrend on the USD/CAD pair still looks healthy. The Aussie, kiwi and pound have all experienced, or are about to, a downtrend continuation pattern on their respective 15 minute charts. It looks like they have topped out. For more on what to look for, browse through the myriad of ideas, strategies, tips and techniques waiting for you in the members’ area at forexmentor.com.

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