Seems Like EUR/USD Has Turned Bearish in the Long Term Charts

EUR/USD used to be quite bullish for nearly a year, since it reversed higher in March last year and remained bullish until January this year. It was one of the most bullish pairs, climbing around 15 cents from the bottom to the top at 1.2350s.

But, the bullish momentum ended at 1.2350 in the first week of January and since then EUR/USD has turned bearish. In fact, this has been one of the most bearish pairs since then, having lost more than 5 cents, as it declined to 1.1830s two weeks ago.

Last week, we saw a reverse higher, which proved to be just a retrace before the bearish momentum resumed again. The retrace ended at the 50 SMA (yellow) on the H4 chart, which has been pushing this pair down since. So, EUR/USD is bearish now and today the decline is picking up pace. Our sell signal here closed in profit earlier and we will try to sell this pair again whenever it retraces higher.