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EURUSD Technical Analysis

EURUSD Tech analysis by Simon Kazinsky on 07:33 May 24, 2016 EST

The single currency has to make an effort really soon if it wants to avoid resuming its downtrend against the US dollar.

After reaching the 1.16 mark EURUSD but unable to even test the upper boundary of the channel the pair has lost its shine quite rapidly.

All supports are clustered in the 1.10-1.11 region and the pair trades at the time of writing at 1.116. Breaking below 1.105 will wash away all supports and shorting any bounce will then become our preferred strategy. Until then we remain moderately bullish in the absence of a clear medium term trend.