EUR/USD - Tried to Cover Some Losses - Bearish Bias Is Expected - 10/31/2017 (GMT)

The EUR/USD pair had an aggressive bearish run during the previous weeks, losing more than 1.7% to its performance. The common currency pair posted the second red week in a row after the European Central Bank’s monetary policy announcement and challenged a new three-month low at 1.1575. Moreover, the price is posting another negative month below the 50-month SMA. During yesterday’s trading period, the price rose steadily towards 1.1660.

From the technical point of view, on the daily timeframe, the 50-SMA is sloping to the downside, approaching the 100-SMA, which they are ready for a bearish crossover. The RSI indicator is sloping to the downside, whilst the MACD oscillator is strengthening its downward momentum below the zero and trigger lines. The next level to have in mind is the 1.1490 support barrier to the downside or if the price climbs above 1.1670 will hit the 50-day SMA at 1.1770.