EURUSD has reached our 1.2050 target and moved even lower after the FOMC yesterday. Price has now reached important Fibonacci support level and traders need to be cautious as a reversal to the upside from current levels is justified.
EURUSD has reached the 61.8% Fibonacci retracement level. This is important Fibonacci support. We usually see trend reversals at the 61.8% Fibonacci retracement level. However the RSI is still not in oversold area.and there is no bullish divergence in the 4 hour or Daily chart. Trend is still bearish but bears need to be cautious now. Next downside target is at 1.1825.
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