Technical analysis for EURUSD for May 28, 2019

EURUSD remains inside the longer-term bearish channel. Price got rejected at the resistance of 1.12-1.1230 area and is now challenging 1.1150. At 1.1150 we find important Fibonacci support level.

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Red lines - bearish channel

EURUSD is pulling back. At 1.1150 we find the 61.8% Fibonacci retracement level of the entire rise from 1.1107 and the huge 4 hour reversal candle we noted in previous posts. If this support level holds we could then see a comeback by bulls. Resistance is at 1.1230. Breaking above it will increase dramatically the chances of breaking above 1.1260 and canceling the bearish sequence of lower lows and lower highs since early January 2019. If support fails to hold we should expect price to move below 1.11.

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