EUR/USD is heading further lower towards the 50% Fibo retracement level. Currently, the pair is trading 0.14% lower to 1.1641 and appears to be going down further. The immediate support is at 1.1640 while other supports are at 1.1633 and 1.1615 areas. The intraday resistance is at 1.1675 the 1.1700 level is likely to act as a stiff resistance area.
As indicated in the previous analysis the price pattern has turned strongly bearish on weekly and monthly charts. On the intraday scale, the SMA-21 is indicating resistance at 1.1815 and the SMA-50 is showing resistance at 1.1781. The RSI has gone down further to 43 and supportive of the bears. Following the on-going downtrend, the pair is good to sell on rallies. An ideal intraday sell entry would be at or near 1.1680 with a target of 50 to 60 pips. A tight stop-loss for this trade would just above the 1.17000 resistance area.
Bulls need an intraday closing above 1.1700 to get back some control. On the downside, closing below 1.1620 can accelerate the downtrend with the possibilities of testing the 1.1540 support level.
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