Technical Analysis – EURUSD bearish long term outlook
Posted on October 22, 2014 at 7:31 am GMTEURUSD has been in a downtrend since the May 8 high of 1.3992. It has retraced 23.6% of this downleg after bouncing from the key technical level of 1.2500. Resistance at 1.2850 has proven to be strong and is capping prices below this. The bias is to the downside as indicated by the RSI which is in bearish territory below 50. The tenkan-sen and kijun-sen lines are falling. Hourly support is seen ahead of the key psychological level of 1.2600. [..]