The continuous decline of the Euro!

I will be looking to place short positions on the EUR/USD this week, some of the technical indicators on this chart is showing a bias towards the short side on the daily time frame.

The 200-day Simple moving average (the black line on the chart below) is showing the EUR/USD is in an obvious downtrend and has been for some time now.

The RSI (the indicator just below the chart with a light blue line) is not showing that price is in either over-bought or over-sold territory, however it’s nearer over-sold territory.

The MACD (the indicator just below the RSI, with the red dotted line and the purple histogram) is confirming the down-trend.

The EUR/USD is hovering near the 1.2450 level which was a previous support level. On 21/11/14 the price fell through a trend line (the blue line on the chart), and today 24/11/14 the price seems to have rebounded off the broken trend line.

All these elements seem to point to the selling of the Euro in the coming weeks unless there is some negative news coming out of the US or some really good news from the Eurozone, I don’t see the Euro gaining much ground in the coming weeks, but don’t take my word for it do your due diligence.