Technical analysis of EURUSD dated 24.05.2016

EURUSD is affected by Services PMI in Germany and Manufacturing PMI in Germany. This pair, despite its effort to turn into a bullish pattern on Monday, made bearish moves and now is moving with bearish bias as well. The support lies at 1.11970 with resistance at 1.12230 which both lines are below the weekly pivot point at 1.12420. The EMA of 10 is moving below the EMA of 75 which shows the price decline over the last recent days. The MACD indicator is in negative territory and the RSI is below the 50 level. The price is under the Ichimoku Cloud and the Chinkou Span. The Tenkan-sen and the Kijun-sen are both showing a horizontal movement. Short positions are recommended with the target at 1.1130.

https://fxglory.com/technical-analysis-of-eurusd-dated-24-05-2016/