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EURUSD ready to resume its long term decline

EURUSD Tech analysis by Simon Kazinsky on 14:14 Octuber 24, 2017 EST

EURUSD is giving signs that it can't break and hold above 1.20 as had been anticipated. The long term moving average on the monthly chart that acted as support during the bull cycle is precisely working as an opposite force now.

It's several weeks since the pair managed to break briefly above 1.20 opening the door to further advances, but the hope quickly diminished as land was promptly reconquered by bears.

Retail traders sentiment is still bearish on the pair which does not help to the bearish view, but this could change quickly as soon/if downward momentum kicks in.

The dollar is strong against most counterparts and commodities. Oil is among the few able inch up against the buck. The dollar index is at support so moves north on the index should be considered as a strong bullish signal and an opportunity to buy more dollars.