FXstreet.com (San Francisco) - Overnight, EUR/USD traded a 1.2315/1.2383 intraday range before ending the NA session practically unchanged from Monday’s close at 1.2325; price was limited below the 55-day EMA as well as the 1.2395 resistance zone (50%, 1.2748/1.2042 drop).
As Fan Yang, CMT, Chief Technical Strategist at FXTimes observes in a research note, EUR/USD remains in a bearish mode since price action continues to hold below declining trendlines, moving averages are in bearish alignment and RSI remains in neutral territory below 60.
“The bearish continuation scenario opens up with a break below the rising trendline we have seen since July,” explains the market technician. “A break above the 1.2440 level, which should clear the recent declining trendline also opens up higher July resistance pivots at 1.2680 and 1.2750.”
As Fan Yang, CMT, Chief Technical Strategist at FXTimes observes in a research note, EUR/USD remains in a bearish mode since price action continues to hold below declining trendlines, moving averages are in bearish alignment and RSI remains in neutral territory below 60.
“The bearish continuation scenario opens up with a break below the rising trendline we have seen since July,” explains the market technician. “A break above the 1.2440 level, which should clear the recent declining trendline also opens up higher July resistance pivots at 1.2680 and 1.2750.”
