Technical Analysis – EURUSD plunges from 1.1200
EURUSD looks ready for bearish correction
Stochastics and RSI head south
EURUSD is declining from the 13-month high of 1.1200 that was reached in the preceding week. The pair is now ready for a potential downside retracement according to the technical oscillators. The stochastic is tumbling from the overbought region and the RSI is also diving beneath the 70 level.
Immediate support to further decreases could be the 1.1050 barrier ahead of the 20-day simple moving average (SMA) at 1.1020. Below that, the 1.0950 barricade and the 50-day SMA around 1.0900 could act as return points.
On the other hand, a rally above the psychological level of 1.1200 could drive the bulls towards the 1.1275 resistance, taken from the peak in July 2023.
To sum up, EURUSD has been in an upside tendency since June 2024 in the short-term, adding around 5%. A drop beneath the 200-day SMA of 1.0850 could change the outlook to a more neutral one.Related Assets
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