EUR/USD (a 4-hour chart)
The Euroland published mixed data on Monday. Industrial Production in
After a brief consolidation during the Asian hours bulls made another attempt to reclaim 1.1050 in the European session. Buyers were struggling with the level the whole morning but failed to regain it. The EUR/USD pair faced further downside pressure and moved towards 1.0500 it in the mid-European session. The spot broke the 200-EMA downwards and headed towards the 100-EMA in the 4 hours chart. The 100-EMA and the 200-EMA maintained their bearish slope while the 50-EMA pointed higher. The resistance is at 1.0550, the support comes in at 1.0500.
MACD decreased which indicates the buyers’ positions weakening. RSI oscillator remained within neutral area.
We favor a near-term bearish bias. Below the 1.0500 handle the EURUSD pair is likely to target at 1.0450 and 1.0400 support levels.