Technical analysis of EURUSD dated 26.05.2016

Good economic reports in Euro zone such as the growth of Business Climate in Germany are supporting EUR today. EURUSD moved with bullish bias yesterday and today continued its rally up to the resistive zone and now is creating and negative candle. The support lies at 1.11570 with resistance at 1.11970 which both lines are below the weekly pivot point at 1.12420. The price is under the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen is showing a downward movement while the Kijun-sen is suggesting a horizontal movement. The MACD indicator is in negative zone showing the bearish tendency of the trend and the RSI is below the 50 level confirming this bearish scenario. Short positions are recommended with the target at 1.1130.

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