EUR/USD reached our second target and major resistance area. Price got rejected and has given an important bearish signal. Has the upward correction ended? Are we starting the next leg down targeting below 1.13? As long as we trade below 1.1425 I remain bearish.
Green line - support trend line
Blue line - short-term support trend line
Black line - RSI support trend line
Blue rectangle - second target area
EUR/USD has broken the blue upward sloping support trend line. EUR/USD has reached my target area and got rejected. The RSI is breaking below support trend line. All these bearish signs imply a pull back at least. Support is found at 1.1350 and at 1.13. Breaking below 1.13 will open the way for a move towards 1.11. I'm bearish as long as we trade below today's highs.
The material has been provided by InstaForex Company - www.instaforex.com