EURUSD: Bear pennant suggests deeper retracement to 1.0367
After the blockbuster US nonfarm payrolls data published last Friday that sent the US Dollar Index to a 5-weeks high this week, most currency pairs have retreated against the greenback.
Looking at the EURUSD daily chart, technical setup suggests further correction to the downside to retest and establish support zones before resuming the uptrend. A bear pennant that has formed since 2nd Feb gives a downside technical target as low as 1.037. Moreover, the Relative Strength Index (RSI) also suggests further decline as the reading slid into the bearish territory below 50.
Looking ahead, a break below 1.067 (S1) would trigger downside targets at 1.052 (S2) and 1.037 (S3) in extension.
Looking at the EURUSD daily chart, technical setup suggests further correction to the downside to retest and establish support zones before resuming the uptrend. A bear pennant that has formed since 2nd Feb gives a downside technical target as low as 1.037. Moreover, the Relative Strength Index (RSI) also suggests further decline as the reading slid into the bearish territory below 50.
Looking ahead, a break below 1.067 (S1) would trigger downside targets at 1.052 (S2) and 1.037 (S3) in extension.
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