EURUSD (1H) - short term bearish bias
The euro came under pressure at the double top formation on the daily chart. The price underwent a M-shaped retracement as we expected. On the hourly chart, the moving averages are keeping the price in check, and as selling pressures add up the euro is inching towards the support level of 1.1020. The RSI has yet to enter the over-sold area, suggesting more room on the downside. A break below 1.1020 may trigger a deeper fallback to the psychological level of 1.1000.
Key support: 1.1020
Key resistance: 1.1070
The euro came under pressure at the double top formation on the daily chart. The price underwent a M-shaped retracement as we expected. On the hourly chart, the moving averages are keeping the price in check, and as selling pressures add up the euro is inching towards the support level of 1.1020. The RSI has yet to enter the over-sold area, suggesting more room on the downside. A break below 1.1020 may trigger a deeper fallback to the psychological level of 1.1000.
Key support: 1.1020
Key resistance: 1.1070