The EURUSD broke down out of the bearish wedge.

The EURUSD’s false breakout in mid March has finally led to a breakdown as we have long expected. The RSI is pointed lower and is divergent for now, but if the selling continues for the next few days the RSI could eventually confirm the downtrend. Since we have been in a tight 7+ month consolidation, the breakdown looks real and like we have some distance to travel. The 161% extension of the last move up comes in at the 1.1097 which may be the first stop on the way down. A simple AB=CD takes us closer to the 1.1050 level in the coming week(s).

Steve Voulgaridis