Today we saw EURUSD decline to its lowest level in three weeks after breaking through support @ 1.4845. Looking at the chart we can see that yesterday’s move down gave an indication of a bearish reversal; not quite a textbook Bearish Engulfing Pattern. The signal is strengthened by the continuation of the move down. There is some support around the 1.4800 level and if we see a major breach or a close below this level then there is a possibility of some more moves down in the following days.
