EURUSD short-term analysis

EURUSD continues to trade above 1.21 but price today made no real progress. With a high at 1.2146, price today back tested the recently broken support of 1.2150-1.2140. Price is making lower lows and lower highs.

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Black line -resistance

Blue lines - Fibonacci retracements

EURUSD is in a bearish short-term trend and it is vulnerable to a move towards 1.2050 where we find the 38% Fibonacci retracement. Resistance is at 1.2185 where the black trend line is. As long as price is below it, we remain short-term bearish. The pull back has just started and I believe we have bigger potential to the downside. Today's price action has not provided any important new information as price is exactly where it was at the open.

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

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