EURUSD is looking bearish in the short term after creating a descending channel over the last three months. Also, the price declined beneath the moving averages on Thursday and the technical indicators are all pointing to further negative momentum. The stochastics are heading south with the %K line entering the oversold zone, suggesting plenty of scope for additional bearish moves. The MACD is ready to cross below its trigger line in the negative zone. Immediate support to further losses would likely come from the 21-month low of 1.1175 before heading towards the lower boundary of the channel around the 1.1115 ... (full story)