EURUSD has been going down fro 2 consecutive days. The bears are currently dominating the market due to stronger-than-expected US economic figures. After setting a weekly high at 1.3668, the currency pair started declining, thereby breaking below one local low after another to finally set a new local low at 1.3612.
Still this is not the end of the bears' crusade against the Euro. On May 27th, the price went further down to touch 1.3603 after breaking below the bottom of a wider price range between 1.3612 and 1.3668. The common currency continued its weakening against the American currency amid poor economic reports from the eurozone (Germany and France in particular).
According to the trading experts of Masterforex-V Academy, the H1 chart of EURUSD indicates a mid-term bearish tendency.
After setting another local low at 1.3603 during the European trading session, the currency pair went on going down to reach 1.3588, which is currently a new local low. At the same time, we can clearly see that the currency pair came out of the 1.3612-1.3668 range to start unfolding another downswing represented by (at this point) a 3-wave count. There are no reasons to expect the end of the bearish tendency, it is still underway until proven otherwise.
Resistance levels: 1.3595 + 1. 3612 + 1.3636, 1.3656 and 1.3666 + 1.3668 + 1.3686, 1.3719 + 1.3734 + 1.3770.
Support levels: 1.3558 + 1.3570.
