EUR/USD may fall 32 - 46 pips

Our pivot point is at 1.0993.

Our preference

The downside prevails as long as 1.0993 is resistance.

Alternative scenario

The upside breakout of 1.0993, would call for 1.1016 and 1.1030.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.0983 and 1.0980). Finally, the EUR/USD is trading below its lower Bollinger band (standing at 1.0970).

Supports and resistances

1.1030 **

1.1016 *

1.0993 **

1.0983

1.0970 last

1.0938

1.0924 **

1.0910 *

1.0896 **

Number of asterisks represents the strength of support and resistance levels.