EUR/USD pointing lower, another key support breached

Daily Chart

EURUSD D1 (03-01-2016 1651)

  • Single currency is chewing through bids around key support of the trend line.
  • The trend line is actually a symmetrical triangle line extended.
  • Somehow, the German yields are up today and that seems to be helping avoid sharp losses
  • But, the charts remain bearish. Daily RSI is below 50.00 and is heading lower, the bullish RSI divergence on the hourly chart has run out of steam as well!

Key levels to watch out are –

  • Support: 1.0845, 1.0810, 1.0711
  • Resistance: 1.0914, 1.0942, 1.0978

 

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