EUR/USD - is Creating a Negative Period - Lost Some Ground - 07/06/2017 (GMT)

The common currency pair plummeted down to 1.1312, a new one-week low, and the last few days it is losing momentum and is now trading negative for teh fourth straight sessions. The pair lost some ground after the aggressive buying interest and is now trading near the 1.1340 price level, however, it remains well above the ascending trend line. Therefore, we remain bearish targeting the 1.1285 – 1.1300 strong support area.

On the daily chart, the technical indicators head sharply lower but are still moving in the positive territory while the 50-SMA is acting as a strong support level, near 1.1200. The only thing that may keep the price from not falling further is the aforementioned zone. In this case, we expect a rebound on it and then a continuation of the rising move. The RSI indicator hit the 70 level and slipped beneath it whilst the MACD oscillator is creating a bearish crossover with its trigger line.