Despite the weak PPI data, USD was empowered and started the correction pattern towards 1.18 area.
The support rests at 1.18550 with resistance at 1.18920 which both lines are below the weekly pivot point at 1.19970. The EMA of 10 is moving with bearish bias along the descendant channel but it is above the EMA of 200 and the EMA of 100. The RSI is moving horizontally in the oversold area, the Stochastic is moving in low ranges and the MACD indicator is in negative territory. The ADX is showing buy signals.
Sellers can target 1.78 area.

eurusd analysis