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KQMarkets

EURUSD Short Looking to break key Fibonacci support level

Short
Euro / U.S. Dollar (FX:EURUSD)  
KQMarkets  
FX:EURUSD   Euro / U.S. Dollar
Support and Resistance Trend Lines Fibonacci EURUSD short
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supportandresistance trendline fibonacci eurusd short
On our analysis on the 09.05 we indicated that we were still short EUR/USD after the currency pair had risen towards towards 1.125. We saw 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 now are still short and are looking for EUR/USD to break the next Fibonnaci support level at 1.11955 before taking some profit.
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