the FOMC minutes and the CPI data weakened USD.
The support rests at 1.17610 with resistance at 1.18260 which the weekly pivot point at 1.18050 is located in between the lines. The EMA of 10 is moving with bearish bias along the descendant channel and it is below the EMA of 200 and above the EMA of 100. The RSI is falling towards the oversold area, the Stochastic is showing downward momentum and the MACD indicator is in neutral territory. The ADX is showing sell signals.
Short positions are recommended towards 1.1716.

eurusd analysis