EURUSD 1.1171 – bearish – 20 day moving average caps the bounce
EURUSD failed to overcome 1.1295 (September 24, 2015 high) which is near the 50% retracement of the 1.1459/1.1104 fall and the 20 day moving average (currently at 1.1230). The current slide offers scope for further weakness towards the 1.1104/1.1086 support zone (September 23/4, 2015 lows). A breakdown there would extend the downtrend towards 1.1016 (August 18, 2015 low) near the 6-month rising channel support. Below there would risk the 1.0832 equality target (linking 1.1713-1.1086 from 1.1459). Bulls must reclaim 1.1295 to stabilize.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral
EURUSD failed to overcome 1.1295 (September 24, 2015 high) which is near the 50% retracement of the 1.1459/1.1104 fall and the 20 day moving average (currently at 1.1230). The current slide offers scope for further weakness towards the 1.1104/1.1086 support zone (September 23/4, 2015 lows). A breakdown there would extend the downtrend towards 1.1016 (August 18, 2015 low) near the 6-month rising channel support. Below there would risk the 1.0832 equality target (linking 1.1713-1.1086 from 1.1459). Bulls must reclaim 1.1295 to stabilize.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: neutral
