EUR/USD: Technicals Point at Additional Declines - FXStreet
EURU/USD has been trading under selling pressure for the past few days, last at 1.1170, near weekly lows, with Valeria Bednarik, Chief Analyst at FXStreet, noting that technicals support some additional declines for this Thursday.
"The pair has now declined for a fourth consecutive day, having trimmed half its FED's inspired gains, and seems poised to extend its decline, given that short term selling interest is now surging on approaches to the 1.1200 level."
"Technically, the 4 hours chart shows that the price remains midway inside a daily descendant channel, while the technical indicators present strong bearish slopes within bearish territory, supporting some additional declines for this Thursday, down to the 1.1085 level."
(Market News Provided by FXstreet)