EUR/USD turns at crucial Fib level
EUR/USD has begun to turn lower, having rallied into the 76.4% retracement yesterday. We have remained within a clearly defined downtrend throughout May so far and thus we would need to see an hourly close above $1.1243 to negate this trend.
As such, a bearish view is preferred for a move back down to $1.129 support. The stochastic oscillator and MACD histogram confirm this bearish bias, with both turning lower to match price action.