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EURUSD maintains bearish bias; moves lower beneath trendline
EURUSD bears moved the pair below the 1.1026 low of August 1 as well as the 1.1000 hurdle, which is the 23.6% Fibonacci retracement level of the down leg from 1.1411 to 1.0925. The price had deflected off the 1.1110 level where the 42-day simple moving average (SMA) merged with the downtrend line, rendering the double bottom pattern obsolete. While the SMAs imply a negative outlook, the momentum indicators concur, with the RSI declining below the neutral level, and the MACD loading for another cross below its red trigger line in the negative zone. Traders need to be aware of the Tenkan-sen and Kijun-sen lines, which ... (full story)