Technical analysis
The EMA(100) is higher than the EMA(50), which is advantageous for bears
These lines cross, which is favourable for opening a trade
The MACD is below 0, with the signal line pointing down
The RSI is below 50.
What the possible outcomes are
The EURUSD pair has been posting new daily lows for almost a week. The near-term picture is still bearish. Tomorrow the ECB will hold its monetary policy decision, which will show the ability of the pair to overcome bearish sentiment.
At the moment, the price may decline toward the first support level of 1.17566. Beneath lies the second support level of 1.17426.
If bulls defend the support level of 1.17566, the price may reverse towards the resistance level of 1.17999. A breakout of that level can push the price higher towards 1.18243.
Key levels
Support 1.17566 1.17426
Resistance 1.17999 1.18243
