EURUSD continued to face resistance at the neckline level of 1.2185 and the price eventually fell.
The short-term trend is pointing towards bearish as selling pressure continues to build up from near-high of the entire market range between 1.2340 - 1.1700 amid early tapering sentiment from the Fed due to persistently high inflation.
This week, we will continue to look for selling opportunities until it reaches the current equilibrium level at 1.2000, as well as the bottom of the 2-month rising channel.
If 1.2000 is not able to hold, we will see a stronger selling towards 1.1800. Otherwise, we can expect a rebound back to 1.2170.
The short-term trend is pointing towards bearish as selling pressure continues to build up from near-high of the entire market range between 1.2340 - 1.1700 amid early tapering sentiment from the Fed due to persistently high inflation.
This week, we will continue to look for selling opportunities until it reaches the current equilibrium level at 1.2000, as well as the bottom of the 2-month rising channel.
If 1.2000 is not able to hold, we will see a stronger selling towards 1.1800. Otherwise, we can expect a rebound back to 1.2170.
