EUR/USD has been trading upwards. The price tested the level of 1.1088 but key resistance was found and I do expect tomorrow good sell day.
Yellow rectangle – Important resistance (20SMA)
Blue horizontal line – Downward objective
Pink line – Expected path
.MACD oscillator is still in the negative territory, which is indication that there is still downward trend in the background. Key resistance is at 1.1090 and support at 1.0975. Bulls need to be very cautious as there is strong resistance on the test and potential downward movement. As long as the EUR/USD is holding below 1.1100 there is a chance for downward movement. Watch for selling opportunities on the rallies with potential targets at 1.1016 and 1.0975.
