EURUSD (1H) - short term bearish bias
The greenback resumes its way on the upside across the board on Monday. Following a bearish RSI divergence last week, the euro failed to hold on to key support levels of 1.1145 and 1.1120. The price has been sliding along the 20 and 30-hour moving averages and a bearish trend line, which would become resistance in case of a rebound. A breakout below the daily support of 1.1085 has put the single currency under renewed pressure. We would expect the sell-off to carry on after a pause.
Key support: 1.1070
Key resistance: 1.1100
The greenback resumes its way on the upside across the board on Monday. Following a bearish RSI divergence last week, the euro failed to hold on to key support levels of 1.1145 and 1.1120. The price has been sliding along the 20 and 30-hour moving averages and a bearish trend line, which would become resistance in case of a rebound. A breakout below the daily support of 1.1085 has put the single currency under renewed pressure. We would expect the sell-off to carry on after a pause.
Key support: 1.1070
Key resistance: 1.1100