EURUSD bounce limited, long term bear trend remains

March 23, 2015

EUR/USD is consolidating after a volatile week. After dipping to a multi-year low of 1.0461 on March 15, the pair bounced to 1.1041. As a result, RSI moved out of oversold territory but remains below 50. In the near term, 1.0600 is a key support level. A clear break then sees a retest of the 12-year low of 1.0461 and a strengthening of the bear trend.

To the upside, any bounces will find resistance at the 1.1041 high of March 18. A failure to break above this would result in trend resumption. Below 1.0461 will extend the recent down trend to the next Fibonacci level at 1.0155. This is the 78.6% retracement of the upleg from 0.8562 to 1.6038.

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