EURUSD analysis for 11.07.2016

EURUSD is under the influence of the US labor report, non-farm payrolls and the unemployment rate. Looking at the long term view, EURUSD is moving with bearish bias within the descendant channel. The support rests at 1.10190 with resistance at 1.10730 which both lines are below the monthly pivot point at 1.11470. The EMA of 10 is located below the EMA of 100 and both are falling as well. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen are showing a horizontal movement. The RSI is declining and is below the 50 level, the MACD indicator is in negative territory and the Stochastic is not showing any upward momentum. Considering all these indicators short positions are recommended with the target at 1.1000.

https://fxglory.com/eurusd-analysis-for-11-07-2016/