EUR/USD – 1.28 Support Broken
EUR/USD has finally broken below 1.28, a feat last seen in on 8th September. Aggressive traders may have already entered short looking for a move towards 1.27, and potentially the bottom of trading range between 1.24 – 1.27. Conservative traders may not be so easily convinced that a triple top has been formed, as current levels are still around the left handle of 1.275 – 1.2815 formed on 7-12th Sep.
15 Min Chart
The 15 min chart does not provide any fresh perspective, only perhaps to highlight the strength of 1.28 support turned resistance. Downward trendline suggest that short-term bearish momentum hasn't dissipate, with price potentially riding the bottom of the trendline lower towards the 1.275 handle highlighted via the daily chart. An upward break of this trendline could give us early warning of waning bearish pressure for a potential move back towards 1.28 and perhaps invalidating the Triple Top in the process should price move back above 1.28.
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