EURUSD (1H) - intraday bearish bias
The single currency is still facing headwinds and should the daily M-pattern get to completion we could expect a drop to 1.0950. For now, sellers have renewed their push after yesterday's temporary pause. The 20-hour moving average is crossing below the 30-hour one while 1.1015 failed to act as floor. This is the confirmation that the bearish trend remains intact. The RSI hints at more space on the downside, and the psychological level of 1.1 may not be strong enough to see a meaningful bounce.
Key support: 1.0990
Key resistance: 1.1040
The single currency is still facing headwinds and should the daily M-pattern get to completion we could expect a drop to 1.0950. For now, sellers have renewed their push after yesterday's temporary pause. The 20-hour moving average is crossing below the 30-hour one while 1.1015 failed to act as floor. This is the confirmation that the bearish trend remains intact. The RSI hints at more space on the downside, and the psychological level of 1.1 may not be strong enough to see a meaningful bounce.
Key support: 1.0990
Key resistance: 1.1040