If EURUSD was not already in the downward search of the end of fall yesterday, it is certainly start now following the rise in the dollar on the back of strong US jobs report for May.
reversal yesterday in the second half of the session left the pair looking rather bearish. Failing to break through the resistance area of 1.14 to 1.1535 or even good test for that matter, was an early sign that the pair was not as optimistic as he looked in a few days before.
This was a great area for the pair as there was a group of resistance levels providing a significant barrier and a break above this would have been an extremely bullish signal. Apart from containing a number of previous support and resistance, the descending trend line from 15 August and the simple moving average peaks 144 days were also involved in this area.
not only the pair fail to break through here, the result was a bearish shooting star candle with a close below the opening level. The only thing that could make this better is a close below the middle of the body of the candle Wednesday, completing the evening star formation.
As not only we, but thanks to the jobs report, the price is currently below Wednesday's opening level. As this can be maintained in the vicinity, I will be very bearish again.
In this case, the next major support would come around 1.0820, 28 May low, a break that would offer lower down following lower highs yesterday, confirming the new downtrend. Here below, from 1.0650 to 1.07 is the key.
* The tools above and many others can be found in OANDA Forex Labs.
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