Black Pipper

Forex Dreamers

EUR/USD: Constant weakness may test 55 days SMA

The EUR/USD is already the second consecutive day on the defensive. The losses are compounded by the decline below the 1.1140 200-day SMA. The upward movement that started in early December seems to have lost momentum, so a high was formed at 1.1240 on December 31st. An expansion of the downtrend allows a test of the 55-day SMA below the 1.1100 while the bearish outlook is renewed.

Technical Levels

S1 1.1118
S2 1.1092
S3 1.1051

R1 1.1185
R2 1.1226
R3 1.1252

 

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