EURUSD at important Fibonacci support

Trading 16 août 2019 Donner votre avis

EURUSD has broken below the 1.1165 support while short-term trend remains bearish. Price is now challenging important Fibonacci support level. A bounce off this area is very probable. Bulls need to hold above 1.1073.

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Red lines - bearish channel

Green rectangle - resistance (previous support)

EURUSD is trading just above 1.11. Price is marginally below the key support of the 61.8% Fibonacci retracement. Moving lower and further away from the 61.8% level, will increase chances of breaking below 1.1050-1.10. Trend is bearish. Bulls need to recapture the 1.1165-1.1185 area in order to get a small win. In order for short-term trend to change to bullish we need to see at least a move above 1.1225-1.1235.

The material has been provided by InstaForex Company - www.instaforex.com

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