Short at the resistance
+ EUR/USD slides below 1.1240 amid broad US dollar strength, after Biden nominates Powell. EUR/USD: The pair has a bearish bias, and the rallies have the potential of being sold, as a monetary policy between the Fed and the ECB, diverge.
EURUSD continued to decline in the past session, causing the bulls' attempt to be completely broken. However, ahead is still a very strong 1.12 support area. The next area of key support resides in the 1.1140-1.1170 region, an area that will be closely watched by many of the bears. But technicians do note that EUR/USD is now heavily oversold, so be careful with sell orders at this time.
+ Contrarily, the 1.1200 figure would be the first support if the euro keeps falling. The next demand area would be June 19, 2020, low at 1.1168, followed by 1.1100.
+ On the upside, only a daily close above 1.1291 signals temporary trough is made and may risk stronger retracement towards 1.1350 and 1.1430.
EURUSD continued to decline in the past session, causing the bulls' attempt to be completely broken. However, ahead is still a very strong 1.12 support area. The next area of key support resides in the 1.1140-1.1170 region, an area that will be closely watched by many of the bears. But technicians do note that EUR/USD is now heavily oversold, so be careful with sell orders at this time.
+ Contrarily, the 1.1200 figure would be the first support if the euro keeps falling. The next demand area would be June 19, 2020, low at 1.1168, followed by 1.1100.
+ On the upside, only a daily close above 1.1291 signals temporary trough is made and may risk stronger retracement towards 1.1350 and 1.1430.
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