Technical Analysis – EURUSD retests 6-week low
EURUSD posts more losses
20- and 50-day SMA create another bearish cross
RSI and MACD extend negative momentum
The RSI turned lower after entering the area below 50. At the moment, it continues to head lower in support of a negative short-term picture. The bias in the very-short-term also looks bearish as indicated by the MACD, which is also strengthening the bearish steam.
Further declines may meet support around the immediate bottom of 1.0667. Not far below, the next support could occur around the 1.0647 barrier before plunging to the psychological number of 1.0600.
On the upside, resistance could occur around the 1.0720 barrier before challenging the 20- and the 50-day simple moving averages (SMAs) at 1.0770. Higher still, the death cross within the 20- and the 200-day SMAs at 1.0787 may halt the upside movement to 1.0800.
The medium-term picture continues to look predominantly bearish, with trading activity taking place beneath the descending trend line.Related Assets
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