The rally in EUR/USD since March could turn out to be a 4th wave high signalling the resumption of losses, says Tony Sycamore of Commonwealth Bank of Australia.
Moreover, daily candlesticks and the RSI indicate a loss of upside momentum. However, a decisive move below 1.1320 is required to initiate a downside break. According to Sycamore, a current bottoming of the dollar in USD/CHF may be cause for greater confidence to sell EUR/USD now, with a possible target of 1.1000 providing ultimate support.