Euro Sub 1.3600

The turn lower from channel resistance has sent the EURUSD below the first support shelf at 1.3582 but coming under last week’s low at 1.3541 would more strongly signal that a top is in place. This level is reinforced by 2 month trendline support near 1.3550.

Oscillators on the daily are bearish as RSI has rolled over from above 70 and a bearish MACD crossover occurred yesterday. Near term resistance is at the 38.2% of the decline from 1.3677 to 1.3559 at 1.3604 (the 61.8% is at 1.3632). A break below trendline support warrants a bearish stance against 1.3677.