EURUSD - 02/05/2015

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EUR/USD declined on Wednesday to hit support at the near-term black downtrend line. The rate remains above that line, something that keeps alive the scenario for a rebound and another test near the 1.1540 (R1) resistance area. On the other hand, our short-term momentum studies provide signs of weakness. The RSI broke below its upside support line and dipped below its 50 barrier, while the MACD has topped and moved below its trigger line. Personally, I would prefer to see a break below 1.1260 (S1) in order to adopt the negative view. Such a move is likely to prompt bearish extensions towards the support of 1.1100 (S2), defined by the low of the 26th of January. Having these mixed signs in mind, I would prefer to take the sidelines at the moment as far as the short-term picture is concerned, and wait for more actionable directional signals. Switching to the daily chart, we see that the price structure still suggests a longer-term downtrend. EUR/USD is printing lower peaks and lower troughs below both the 50- and the 200-day moving averages.

• Support: 1.1260 (S1), 1.1100 (S2), 1.1020 (S3).

• Resistance: 1.1540 (R1), 1.1650 (R2), 1.1730 (R3).














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