EUR/USD turning lower from Bollinger resistance
EUR/USD is moving lower once again, following on from a rally into Bollinger resistance yesterday. The ability to break below $1.1715 would point towards a continuation of the short-term downtrend in play.
Given the break below the 76.4% retracement support level, there is a strong chance that this period of weakness will persist for a move towards the critical $1.1554 support level. Watch for a break above $1.20 to negate the short-term bearish outlook.