EURUSD maintains a bearish bias, trading below the key 1.06 level. Momentum is quite negative as the daily RSI is below 50 and has been there since mid-October. Furthermore, the tenkan-sen and kijun-sen lines are negatively aligned while prices are below the daily Ichimoku cloud and below the 200-day moving average. All these highlight the underlying weakness that has been the overriding theme of 2015.
As the key support level of 1.0500 comes into focus, there is potential for a test of the 2015 low posted back in March at 1.0461. A break below this would confirm the bearish trend that began in April 2014 (1.3992).
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