EUR/USD Morning Technical Report 2/9/2014

The pair is trading in a bearish bias and the downside move was expected since the pair broke 61.8% correction at 1.3230 showing on graph. Linear Regression Indicators are still negative and MACD is showing the extension of the bearish bias. But we notice oversold signals on momentum indicators that require intraday stability today below 1.3185 to keep the bearish possibility without any bullish correction.

Generally, we expect a downside move and touching 76.4% and 78.6% corrections at 1.3050 and 1.3020. A break below the latter extends the downside move intraday.