Technical analysis on EURUSD for June 17, 2021

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.

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Blue lines - Fibonacci retracement

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.

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

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