EURUSD bullish pennant pattern canceled.

Trading 14 août 2019 Donner votre avis

EURUSD has broken below 1.1165 and has canceled our bullish pattern. This means now that we are looking either at a reversal from the 61.8% Fibonacci retracement level or the continuation of the down trend targeting 1.10 and lower.


Red lines - bearish channel

EURUSD is at the 50% Fibonacci retracement of the last upward leg. Short-term trend is bearish again and as long as price is below 1.12-1.1230 we do not turn bullish. Support by Fibonacci is at 1.1111 and if bulls fail to hold above it, then we the chances for a move towards 1.10 and lower increase dramatically. If support holds and prices bounce, then we could see the second leg higher we expect towards 1.13-1.1350. For now bears are in control of the short and medium-term trend. The RSI is trading inside a bearish channel and as long as we do not see an upward break out we remain pessimistic.

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