EUR/USD got rejected yesterday at 1.1420 where we find our target area and our downward sloping resistance trend line from the January tops. The RSI is showing also reversal signs and bulls need to be very cautious and they must not lose 1.13 otherwise the bears will take full control of the trend.
Blue line - trend line support (broken)
Black line - RSI support trend line (broken)
Blue rectangle - target area
EUR/USD as reached the 61.8% Fibonacci retracement of the decline from 1.1515, our blue rectangle area, the red trend line resistance and has broken below the upward sloping blue trend line. All these bearish signs imply that important resistance is at 1.14-1.1430 area. As long as we hold below it I remain bearish. Support is found at 1.1350 and at 1.13. In order to hope for a move towards 1.11 bears need to break below 1.13.
The material has been provided by InstaForex Company - www.instaforex.com
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