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EUR/USD - Bearish Engulfer Suggests More Downside

EUR/USD has been consolidating since November after it pushed into a new low for 2018 around 1.1215. During this consolidation, there was resistance around $1.15-1.1515. 

EUR/USD Daily Chart

(click to enlarge)

Bearish Signs:
- First of all the prevailing trend is bearish and price is still under the 200-day simple moving average (SMA), and now even below the 100- and 50-day SMAs.
- The 1.1515 resistance kept holding, which reminds us that bears are still in charge.
- During the 1/2 session, the market again respected this resistance + the falling trendline resistance.
- Furthermore, the RSI held under 60, which reflects maintenance of the bearish momentum.
- Finally, the 1/2 candle was a bearish engulfing candle
- These are signs that there is more downside ahead towards 1.10. 

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