EURUSD is trading around 1.1074. The week has started with pressures on the EUR as price breaks below the red horizontal support level that was once resistance. Price got rejected last week at the 61.8% Fibonacci retracement level and is vulnerable to a pull back. First pull back target has been reached. Will price now continue lower towards the green support trend line. The RSI is with a negative slope and very close to start making lower lows. The chances of testing the green support trend line have increased. Traders better remain patient and not try to guess a bottom. Near term trend remains bearish after the rejection. Will bulls manage to push the close above the red horizontal support? Bouncing off the red support trend line would be a promising sign for bulls.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels,
Green line -support trend line
Red line – horizontal support
EURUSD is trading around 1.1074. The week has started with pressures on the EUR as price breaks below the red horizontal support level that was once resistance. Price got rejected last week at the 61.8% Fibonacci retracement level and is vulnerable to a pull back. First pull back target has been reached. Will price now continue lower towards the green support trend line. The RSI is with a negative slope and very close to start making lower lows. The chances of testing the green support trend line have increased. Traders better remain patient and not try to guess a bottom. Near term trend remains bearish after the rejection. Will bulls manage to push the close above the red horizontal support? Bouncing off the red support trend line would be a promising sign for bulls.
The material has been provided by InstaForex Company – www.instaforex.com
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