The Relative Strength Index (RSI) indicator on the four-hour chart retreated below 50, suggesting that sellers look to retain control of EUR/USD.
At the time of press, the pair was testing 1.1290 (Fibonacci 23.6% retracement of November downtrend). The 50-period SMA aligns as the next support at 1.1280 and additional losses could be witnessed toward 1.1235 (Tuesday low) in case that level turns into resistance.
The bearish pressure could weaken if bulls reclaim 1.1320 (100-period SMA, 20-perios SMA). 1.1350/60 area (static level, Fibonacci 38.2% retracement) could be seen as the next resistance.
#BearishEUR/USD# #eurofalling# #USDollarWeakness# #GOLDTODAY# #OPINIONLEADER#
Edited 03 Dec 2021, 16:19
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