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Technical Analysis – EURUSD maintains bearish structure

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EURUSDDailymar11EURUSD maintains a bearish structure. Prices have been falling sharply since the April 2014 high of 1.3992. The pair has retraced 61.8% of the upleg from 0.8225 (October 2000) to 1.6038 (July 2008). The break below 1.1210 led to an accelerated decline to 1.0675, with scope to target the 78.6% Fibonacci level at 0.9901.

Momentum is extremely bearish, with RSI below 30. This is considered to be oversold territory which could provide some slowdown in the downside momentum. But further weakness is likely. The tenkan-sen and kijun-sen lines are negatively aligned and the market is below the Ichimoku cloud.

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