EUR/USD: Citi reveals the signal it believes will confirm the pair's return to underlying downward trend

Today, Citi revealed the signals it is monitoring regarding the EUR/USD in the short term:

"The pair failed at the top of the channel, and turned back down to test support at 1.1040-60 (December peak and 200-day moving average) in terms of daily closes.

The pair is now once again evolving around the 55-week MA at 1.1036. A weekly close below this indicator would suggest that the underlying bearish trend has been re-established.

An eventual break below 1.0914 would further confirm the return of the downtrend."