The US index grew and gave USD some support. The vaccination is doing well in the US and the number of new cases are declining rapidly.
The support rests at 1.18540 with resistance at 1.18920. The weekly pivot point at 1.19730 is located above the lines. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 100 and the EMA of 200. The Stochastic is showing downward momentum, the RSI is rising towards level 50 and the ADX is showing sell signal. The MACD indicator is in positive territory.
The resistance level breakout will confirm the correction pattern towards 1.19700; otherwise the bearish trend is expected targeting 1.18000.