EURUSD short-term analysis

EURUSD has made new lows after the bounce to 1.1850. Price broke below the key short-term support of 1.1815-1.18 and provided a new bearish signal. Price has reached our second target which was the 50% Fibonacci retracement.

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Green lines - Fibonacci retracement

Black lines - bullish channel (broken)

EURUSD remains in a bearish trend making lower lows and lower highs. Price has retraced 50% of the entire rise from 1.17. Price is showing reversal signals. Trend reversals are usually found at the 61.8% Fibonacci retracement, but we can not rule out one now. So far our plan for a lower high and new lows has played out nicely.

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

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