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EUR/USD recorded lower tops and lower bottoms since October 19, which confirmed a negative outlook. The downward momentum is further reinforced by both declining 20- and 50-period moving averages.
RSI lacks upward momentum. Therefore, below 1.1800, expect a new test with targets at 1.1740 and 1.1700 in extension. Alternative scenario, above 1.1800, look for a technical rebound with 1.1820 and 1.1850 as targets.
On the data slate there’s German Buba Monthly Report; UK Industrial Trends Survey; US Chicago Fed National Activity Index; US 3- and 6-Month Bill Auctions.
SELL EUR/USD @ 1.1795 OR BETTER – STOP @ 1.1850 – TARGET @ 1.1700
SELL GBP/USD @ 1.3195 OR BETTER – STOP @ 1.3220 – TARGET @ 1.3080
BUY USD/JPY @ 113.70 OR BETTER – STOP @ 111.15 – TARGET @ 114.35
SELL CL1217 @ 52.30 OR BETTER – STOP @ 52.80 – TARGET @ 51.50
SELL AUD/USD @ 0.7820 OR BETTER – STOP @ 0.7870 – TARGET @ 0.7750
SELL XAU @ 1278 OR BETTER – STOP @ 1285 – TARGET @ 1268
SELL XAG @ 17.00 OR BETTER – STOP @ 17.50 – TARGET @ 16.10
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