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Technical Analysis – EURUSD turns bearish after fall below 200-day MA

EURUSD technicals have turned bearish today after prices fell below the daily kijun-sen line and below the 200-day moving average.

The daily Ichimoku cloud is expected to provide support around 1.1120, while a fall back below the cloud will give scope to retest the key psychological level at 1.1000. But a fall below the multi-year low of 1.0461 is needed to reinforce the long term bearish market structure that began from the decline in May 2014 from 1.3992.

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