Technical Analysis – EURUSD downside bias strengthens
EURUSD has been consolidating since the beginning of the month but the break of minor support of 1.1260 on Thursday is shifting the bias back to the downside to open the way for a retest of the multi-year low of 1.1096 hit on January 26. A break below this would target 1.0762. On the upside a break above the key 1.1500 level would weaken the bearish case.
In the bigger picture, the trend is bearish as prices have been making lower highs and lower lows since the April 2014 high of 1.3992. The tenkan-sen and kijun-sen are negatively aligned and the market remains below the Ichimoku cloud. Also RSI is in bearish territory below 50.
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