EURUSD strong downtrend intact

Despite modest retreat in EURUSD prices which can be attributed to better than expected German ZEW sentiment index, EURUSD is still in a clear downtrend as indicated by bearish MACD momentum. I expect that rebound will find a stiff resistance at 1.4170 (yesterday high). In case this level is breached additional resistance lies at 1.4200 which is not only trendline resistance but also 38.2% retracement of the fall from 1.4447 to 1.4045. Selling into strength makes sense.

Good trades