KQMarkets
Short

EURUSD Short Failure to break key Fibonacci resistance level

FX:EURUSD   Euro / U.S. Dollar
On our analysis on the 02.05 we indicated that we were short EUR/USD pre and post FOMC however since then the currency pair has risen up towards 1.125. We see this as a selling opportunity as EURUSD failed to break the Fibbonaci resistance level at 1.12514 and the RSI rose to the high 70s before dropping to below 60. We will also be closely monitoring the US China trade talks which could potentially cause a lot of volatility in the currency pair.
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