The EUR/USD pair, which spent the majority of the day fluctuating below the 1.1350 handle, came under pressure in the whole session and fell to its lowest level at 1.1256 before going into a consolidation phase. As of writing, the pair is still weak for the day and hovering near to 1.1256 level. The pair remains under pressure so far this week, briefly dropping to fresh multi-day lows in the 1.1250 region.
The way bears are reacting it seems like blood bath is going on and we may see further selloff so traders and investors are advised to go for short in the pair and work on strict stop loss of 1.1450 as market has fallen too much so it may reverse at anytime, however it seems like 1.1100 is the unfinished target. A daily closing below the 1.1200 level will open the way towards the 1.1100 and furthermore. Further weakness is still awaited and seems like it is on the cards.
Well overall pair is falling down and is making successively lower lows and lower highs on the daily technical chart. Odds are in favor of bears. We will keep our bias as bearish on the pair as long as 1.1350 level remains.
The pair could face the next support at 1.1200 ahead of 1.1140. On the upside, resistances align at 1.1300 and 1.1350. A bearish crossover on MACD indicator is favoring the bears and providing us bearish signal for the time being. RSI arrived in the negative territory i.e. below 50 level, which is supporting the bears.