EUR/USD MACD Divergence - Short or Long for the summer?

EUR/USD downtrend has been strong for a while, and contrarians (including me) have been looking for a turn-around. Charts show divergent behaviour on MACD & RSI compared to chart - so maybe looking to turn the trend.

So, scenaros:

1. (in my opinion most likely): Continue down to next resistance in some 50 pips, back up to consolidate then next heavy down-turn. Anybody observing macro economics ATM should see some support for this idea.

2. Stronger reversal at next big resistance level...

Happy to see comments with your opinions!

I'm out.

Kommentera:

Up-and-turn at 1.17 level as expected, let’s see if it continues below 1.16.