EUR/USD Technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
FX price has clearly shifted momentum after peaking near the 1.1728 resistance level. A significant bearish signal has occurred as the price decisively broke below the key horizontal support level at approximately 1.1650. This level is now expected to act as resistance. The bearish trend is confirmed by the indicators. The price is trading firmly below the 60-period Simple Moving Average, the red line around 1.1668, which is a classic sell signal. Furthermore, the Relative Strength Index or RSI is in a downtrend at 37.28, indicating strong selling pressure and showing there is still room to fall before reaching oversold conditions.



The primary resistance to watch on any pullback is the 1.1650 to 1.1668 area, which is the broken support and the SMA. The next significant support target for sellers appears to be at 1.1588, followed by 1.1542.
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