FX.co ★ EURUSD tests major support trend line

EURUSD has broken below 1.2050. Support at 1.2050 was tested and respected several times. Breaking below this level is a bearish sign and we expect price to continue lower over the coming sessions.

Green line - medium-term support trend line

EURUSD is now challenging the medium-term green trend line support at 1.2020. Price remains in a short-term bearish trend. Breaking below 1.2020 will open the way for a move towards 1.19-1.1870. The RSI in the Daily chart is far from oversold and continues making lower lows as price is making lower lows. Any bounce is considered a selling opportunity given the current conditions.