EURUSD Trading Below 1.5800

The pair finally broke under the bullish channel on the 4 hour charts, a few days after we noticed that head and shoulders; EURUSD traded along the neckline until it finally found a combination of technical factors (resistance at 1.5950) and fundamental(USD strength due to the decrease in oil pressure) that helped make the bears lifes a bit easier and pushed the pair lower on Tuesday. The pair finally broke under the bullish channel on the 4 hour charts, a few days after we noticed that head and shoulders; EURUSD traded along the neckline until it finally found a combination of technical factors (resistance at 1.5950) and fundamental(USD strength due to the decrease in oil pressure) that helped make the bears lifes a bit easier and pushed the pair lower on Tuesday. Moving under 1.5800 was a very important thing because there we had a significant support level on the mid term trend; next support is at the 1.5750 zone where we have a combination of elements that could slow down the drop, hoewever we feel confident in a move that will get the pair close to the 1.5700 round number.

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