EURUSD consolidates below 1.1400

February 20, 2015

EURUSD continues to trade in a tight range above support of 1.1261.The pair has tested the key 1.1400 level several times but has moved back below it today. A break of the multi-year low at 1.1096 would strengthen the underlying bearish trend.

Technical indicators are bearish. Looking at the daily chart, the kijun-sen line is pointing south, and the Ichimoku cloud is thickening.  RSI is in bearish territory below 50 and the recent rise has stalled, indicating that the momentum from the bounce up in EURUSD has paused, resulting in consolidation. Upon resumption of the downside, the pair has scope to target the next major low which comes in at 1.0762.

A bounce to the upside would be limited by immediate resistance at 1.1449 and 1.1532. Major resistance lies at 1.1679. A break above this would weaken the bearish bias.

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