EUR/USD has been trading downwards. The price tested the level of 1.0925 but most recently it recovered. Anyhow, the selling pressure is still present on the larger time-frames and I would watch for selling opportunities on the rallies.
Yellow rectangle – important resistance levels
Red horizontal lines – Support levels and downward objectives
Purple rising line – Expected path
MACD oscillator is showing new momentum down and there is chance for more downside. Resistance is at 1.0970-1.1000 and support levels at 1.10920 and 1.0840. Bulls need to be very cautious as there is strong downward momentum in the background and potential selling the rally type of feeling. Short-term trend is on the downside and my advice is to watch for trading opportunities within the trend.
