EURUSD declined since Wednesday’s Asian hours and the bearish trend continued due to the weak PMI data across Eurozone.
The support rests at 1.16820 with resistance at 1.17280 which both lines are below the weekly pivot point at 1.18390. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is moving in oversold area, the Stochastic is showing upward momentum and the MACD line is below the signal line in the negative territory. The ADX is not showing any clear signals.
Short positions are recommended towards 1.16.