EUR/USD draws a bearish candlestick below 1.09 at 1.082 and marks the lowest of the day, until the time of writing. With a bearish candlestick drawing around the lowest of the day, Euro became the prey of selling pressure and is rejecting a bullish move above 1.10, since the previous week. Moreover, the recent intraday fall failed to retain the moving average’s support due to a bearish crossover.
On the hourly chart, Euro is facing a complete rejection above 1.10 since the onset of the month, even after managing a steep rise above 1.0950 on the last trading day of the previous month. The pair lost imminent support from 50-day MA as the price plummeted below 1.094 on the hourly chart, and with intraday loss of momentum, the 200-day MA support went afloat around 1.0866. The technicals are confirming the bearish consolidation as the signal line crosses above the MACD line after the steep bullish candle aversion and continuous downtrend for the past 5 days.
The major support to watch out for lies at 1.080 and 1.075 against the greenback, while the immediate daily resistance stands at 1.100.
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