EURUSD (1H) - short term bearish bias
The euro's advance came to a halt at the major resistance level of 1.1230 from last August. The bearish RSI divergence was a forward warning that the bullish momentum was losing steam. The break under 1.1200 along with a bearish MA cross was the confirmation that sentiment had turned downbeat. 1.1170 will be the next target as new sellers start to join the reversal. A deeper retracement could even drive to euro down to the 20-day moving average at around 1.1130.
Key support: 1.1170
Key resistance: 1.1210
The euro's advance came to a halt at the major resistance level of 1.1230 from last August. The bearish RSI divergence was a forward warning that the bullish momentum was losing steam. The break under 1.1200 along with a bearish MA cross was the confirmation that sentiment had turned downbeat. 1.1170 will be the next target as new sellers start to join the reversal. A deeper retracement could even drive to euro down to the 20-day moving average at around 1.1130.
Key support: 1.1170
Key resistance: 1.1210