Short-term analysis on EUR/USD

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EURUSD remains in a short-term bearish trend having clearly broken down all support levels. Yesterday we talked about the bearish Ichimoku cloud signal. EURUSD bulls need to recapture 1.11 to regain control of the trend.

Red line – support trend line

Green rectangle -support area

Green lines – wedge pattern

EURUSD is moving further away and below 1.1060 area where support was found. The second consecutive losing day for EURUSD is a bad sign. RSI is far from oversold and no sign of an upward reversal yet. Since the support area was broken, my expectations are to see EURUSD much lower not that key support has broken.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Short-term analysis on EURUSD

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