FX.co ★ Short-term technical analysis of EURUSD

In our previous analysis we noted that bulls needed to break above the 1.1340 resistance in order to regain the upper hand. However price tested that level today and got rejected. We continue to be bearish short-term looking for a move towards 1.1175.

Black line - RSI divergence/resistance trend line

EURUSD is in negative territory today. Price got rejected at resistance and as we said in our previous analysis, as long as price is below 1.1340 we remain bearish. This resistance was confirmed today. The RSI got rejected once it touched the resistance trend line. If support at 1.1210 fails to hold, I expect price to at least reach 1.1175 (38% Fibonacci retracement) and why not lower Fibonacci levels.