The EUR/USD pair is clearly bearish, ever since the imbalance between both Central Banks became more clear after their respective October meetings, and this latest break below 1.1000 support a continued decline ahead, albeit limited, as investors will be waiting for Friday's US NFP release to define whether they can resume EUR selling. Short term, the 1 hour chart shows that the price remains well below a strongly bearish 20 SMA that is crossing below the 100 SMA, whist the technical indicators are bouncing from oversold levels, rather reflecting the latest recovery than suggesting bullish strength. In the 4 hours chart, the Momentum indicator presents a bearish slope below their mid-lines, whilst the RSI hovers in negative territory and the price stands below its 20 SMA, all of which supports further declines.
Support levels: 1.0920 1.0880 1.0840
Resistance levels: 1.1000 1.1045 1.1085
The EUR/USD pair is clearly bearish, ever since the imbalance between both Central Banks became more clear after their respective October meetings, and this latest break below 1.1000 support a continued decline ahead, albeit limited, as investors will be waiting for Friday's US NFP release to define whether they can resume EUR selling. Short term, the 1 hour chart shows that the price remains well below a strongly bearish 20 SMA that is crossing below the 100 SMA, whist the technical indicators are bouncing from oversold levels, rather reflecting the latest recovery than suggesting bullish strength. In the 4 hours chart, the Momentum indicator presents a bearish slope below their mid-lines, whilst the RSI hovers in negative territory and the price stands below its 20 SMA, all of which supports further declines. Support levels: 1.0920 1.0880 1.0840Resistance levels: 1.1000 1.1045 1.1085
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