The EUR/USD failed to break above the consolidation high at 1.3866. This was a resistance cluster that included the 1H-200-period simple moving average. It was also 38.2% retracement and previous pivots. The sharp price action after the failure is a sign of bearish continuation. The RSI failure to sustain a break above 60 and fall back below 40 then 30 is reflective of the return of bearish momentum. Risk-off trading is seen across the board as the USD and JPY are winners against all higher yielding currencies. There is still potential support at the 1.3608 low down to the 1.36 psychological pivot. However... (full story)