EUR/USD may fall 24 - 33 pips

1.0837 is our pivot point.

Our preference

The downside prevails as long as 1.0837 is resistance.

Alternative scenario

The upside breakout of 1.0837, would call for 1.0852 and 1.0861.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.0875 and 1.0884).

Supports and resistances

1.0861 **

1.0852 *

1.0837 **

1.0831

1.0821 last

1.0797

1.0788 **

1.0779 *

1.0770 **

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