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EUR/USD had a sharp drop below the support level of 1.1000


25 July 2016

The USA Manufacturing PMI was the main point of focus last Friday. The positive release supported the dollar.

Current situation

The tone is still negative in the market. The EUR/USD had a sharp drop below the support level of 1.1000. The new local low is at 1.0955. The resistance is seen at 1.1000, the support lies at 1.0900.

MACD is in the negative area. The histogram decreased which indicates the sellers’ strength. RSI returned to the oversold area, its signal line decreased that also indicates sellers’ strength.

The price bounced downwards from the bearish 50-EMA which still acts as a resistance in the 4 hours chart. The moving averages (50, 100 and 200) are moving downwards which is a sell signal.

The instrument almost reached the 200-EMA which rejected it downwards in the 1 hour chart. The pair broke the 50-EMA and the 100-EMA and moved downwards from them.

Trading recommendations

The bearish views are getting more popular now. The price is likely to go to the support level of 1.0900.

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