EURUSD remains under pressure and risk is still to the downside as prices continue to drift lower from the 23.6% Fibonacci retracement level of 1.2020 of the upleg from 1.0340 to 1.2540, which is acting as strong resistance level for the bulls. The short-term technical indicators are bearish and point to more weakness in the market. Looking at the daily timeframe, the Relative Strength Index (RSI) is holding in oversold levels but is flattening, while the MACD oscillator is falling with strong momentum below the trigger and zero lines, signaling further losses. Also, the 20- and 40-simple moving averages (SMA) are ... (full story)