EURUSD'S WEAKNESS COULD DEVELOP

EURUSD HAS GIVEN MEDIUM TERM SELL SIGNAL

When we ran our weekly data this morning we saw that EURUSD had given a medium term sell signal with the indicator dropping from overbought 100 to 88.5...all 15 of the EUR cross rates we monitor we find no evidence of strength. So have a look at the daily chart of the EURUSD below...notice how it ran into the overhead resistance line and has turned down quite sharply...a dip through 1.3785 would likely open the way for further weakness which could well continue for weeks.