EUR/USD continued to decline on Thursday but the move was halted near the round figure of 1.0800 (S1). Given that the 1.0796 level, which was the post-ECB retracement low was not even tested, I would be mindful for further declines. I need to see a clear break below the 1.0800 (S1) support zone to trust further declines. A break below that area could trigger larger bearish extensions and perhaps target our next support at 1.0760 (S2). Looking at our short-term oscillators the RSI found support at its 30 line and is pointing up, while the MACD, although below its zero and trigger lines, it shows signs of bottoming. These momentum signs support my view to wait for a break below 1.0800 (S1) to show that the bears are in control again. As for the broader trend, given the inability of the pair to break the 1.0800 (S1) barrier, the lower bound of the range it had been trading from the last days of April until the 6th of November.
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