EURUSD fails at 1.10 again


The latest rally brought the EURUSD pair to the 1.10 threshold, but bulls failed to breach this critical resistance again, and the euro was down 0.3% on Thursday, trading at around 1.0950.

The short-term support appears to be at the uptrend line, which is currently near 1.0950. If this trend line is broken to the downside, the short-term trend could switch back to bearish, targeting 1.0920 or 1.0900.

There is a bearish divergence between the RSI indicator and the price on the two-hour chart. That is also reinforcing the bearish scenario.

Alternatively, the resistance is still at 1.10, and should the bulls push the euro above this vital threshold; we could see a quick rally toward 1.1150.

It looks like the FX market is back in its monotonous no-volatility regime as the major pairs are trading sideways, with only small daily volatility. That is the common trend in this market, while stocks, commodities, and bonds remain far more volatile. 
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