Yesterday EUR moved stronger against USD but there is no specific fundamental reason behind it. The US reports on retail sales and industrial production in the US will be released on Thursday and they are expected to be promising.
The support rests at 1.18610 with resistance at 1.19180. The weekly pivot point at 1.18550 is located below the lines. The EMA of 10 is moving horizontally in the ascendant channel and it is on EMA of 200 and above the EMA of 100. The Stochastic is showing bearish pressure, the RSI is falling towards level 50 and the ADX is showing sell signal. The MACD indicator is in negative territory.
While there is a high chance that EURUSD resumes its correction pattern towards level 61.8 of Fibonacci, the indicators are showing bearish momentum. While 1.18000 can be targeted for sellers, buyers can wait for the gradual growth.
