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EURUSD develops below 1.12; bearish channel on hold
EURUSD has recovered somewhat after the aggressive drop towards the 23-month low of 1.1110 on April 26, stretching further the medium-term descending channel. Currently, the price is still hovering beneath the 20- and 40-simple moving averages (SMAs) in the daily timeframe, while the momentum indicators hold in bearish territory. The RSI is pointing down; however, the MACD surpassed the trigger line, suggesting a possible upside retracement. The 1.1200 region is keeping the bulls under control and any jump above that region would send prices until the 20- and 40-SMAs around 1.1225 and 1.1253 respectively. Slightly ... (full story)