The dominant uptrend in EUR/USD remains firm, however, in the short-term, bearish signals are reasserting themselves. Prices turned decisively lower on Thursday after being unable to break above 1.1230. It easily broke under 1.1200 and is now testing 1.1150.
In the short-term, technical indicators are biased to the downside. The next support level is seen around 1.1120/25 followed by 1.1070. On the upside, 1.1190 could be seen as the immediate resistance, followed by 1.1230. A recovery above 1.1240 would negate the current negative bias.
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