EURUSD Technical Analysis on Daily Chart – On the Daily time frame. Pair met resistance at 1.121 level and headed lower after posting a bearish hammer candle three days ago.
Currently pair is headed lower towards the 15 ema and we have not seen any support yet.
Price is above the Pivot Point and a close below the 15 ema first, followed by a close below the Pivot Point will bring the bearish case back to fore.
Overall, we are in a consolidating market and sideways movement is to be expected as the pair trades within a slightly downward pointing channel.
A break above the channel might signal a deeper reversal to the upside.
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