Two Trades To Watch: FTSE, EUR/USD

The pair closed the week at a 6 week low and then refreshed multi week lows in the Asian session.

The pair trades below its 20 sma and is currently testing the 50 sma at 1.2080. The RSI is in bearish territory but not oversold, suggesting more downside could be on the cards. 

A meaningful break through 50 sma at 1.2080 could see horizontal support at 1.255/60 tested. A break through here could re-affirm the bearish outlook and see the sell off accelerate to the key 1.20 psychological level.

An attempted recovery and the 50 sma holding could see the pair push higher towards 1.21 round number before bringing support turned resistance 1.2130 and the 20 sma at 1.22 (FXE).

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