SHORT EURUSD: Taking a look at the bigger picture

18 feb 2019The EURUSD remains bearish on the weekly timeframe as there have been consistently lower lows and lower highs. Sellers have been in control since late April 2018 after prices broke below the 1.2200 level. We a see the EURUSD sinking lower once sellers are able to conquer the stubborn 1.1300 support level which is also coincidentally above the 200 Simple Moving Average . A solid weekly/daily close under 1.1300 should inspire a decline towards 1.1170 and 1.1000, respectively. Alternatively, if 1.1300 proves reliable support, the EURUSD is poised to rebound towards the upper limit of the trading range at 1.1500.