Posted on March 18, 2015 by the XM Investment Research Desk at 7:32 am GMT
EURUSD made a correction higher from a 12-year low of 1.0461 but found resistance at 1.0650. RSI has stalled its upside momentum and a resumption of a fall would see a retest of the 1.0461 low. There is scope to target 0.9902 (78.6% Fibonacci retracement level of the upleg from 0.8225 (2000) to 1.6038 (2008).
The big picture remains bearish as the decline from the April 2014 high of 1.3992 remains in progress. The falling Ichimoku cloud also highlights the underlying bearish market bias.