FX.co ★ EUR/USD turns bearish, breaking our long-term support

With the break of our long-term ascending support-turned-resistance line, we change out outlook to bearish below the resistance at 1.0711 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a drop to at least 1.0623 (Fibonacci retracement, recent swing low support).

Stochastic (55,5,3) has made a bearish exit signalling that a further drop should be expected.

Sell below 1.0711. Set stop loss at 1.0758 and take profit at 1.0623.