EURUSD TURNING INCREASINGLY BEARISH BELOW 1.1200
The EURUSD pair is starting to turn lower in Friday trading, with bearish selling pressures building whilst trading below the crucial 1.1200 level.
Tremendous British pound related cross pair flows are also influencing the euro currencies direction today, as the EURGBP pair whipsaws on the latest news coming in after the recent UK election result.
So far this morning the EURUSD has traded exactly to 1.1170 support, managing only a shallow bounce towards 1.1190.
Short term moving average indicators are turning down, with selling momentum increasing after the loss of the 1.1200 area.
A higher time frame time close below 1.1170 is now needed to accelerate selling towards 1.1148 and 1.1110 support level, with the daily time frame 50-period moving average some way below at 1.0990.
To the upside, a higher time frame close above 1.1204 is now needed to relieve bearish selling and move price towards 1.1220 and 1.1257 resistance.