EURUSD retains bearish tendency below 1.1800

EURUSD sharpened its downside move after dropping out of the long-term ascending channel and the 1.1800 level. The RSI is still pointing down below the 50 level, however, the stochastic oscillator is signaling an oversold market as it is turning higher in the negative territory. Meanwhile, the 20-day simple moving average (SMA) has bearishly crossed the longer-term SMAs and is heading south, providing negative trend signals for the market. Additional downside movements could take the price until the nearby support of 1.1745, and then push it towards the 38.2% Fibonacci retracement level of the up leg from … (full story)

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