EURUSD remains on a downtrend in the short term despite an upwards correction, which now appears to be fizzling out. The rebound from Friday’s 5-week low of 1.2215 has been halted at the 23.6% Fibonacci retracement of the downleg from 1.2475 to 1.2215. This level is around 1.2275. Prices are struggling to overcome this resistance region as the RSI has turned neutral around 50 in the 4-hour chart, suggesting little immediate upside momentum. Should the pair overcome this hurdle, another resistance could be met at the 50-period moving average (MA), just under the 1.23 level. A break above the 1.23 mark would open the ... (full story)