FX:EURUSD   Euro Fx/U.S. Dollar
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EUR/USD             is currently trading within a range. After retesting the 38.2 fib level and continuing though a 50% retracement. Price action is showing bearish momentum towards the 61.8 fib level on the short term trend and more significantly the 61.8 fib level on the monthly time-frame indicated by the blue support level.

Price has is currently at 1.13152 and has broken a key support area that was suggested by the 50 day moving average .

Looking towards a potential reversal at the support of a 61.8 fib level that is also supported by the 300 day moving average . There is potential that price action may develop new structure lows around the 61.8 fib level with buyers placing orders and anticipating the potential of a reversal.

In the case of a close below the 61.8 fib level I will be looking for a retest of the support as resistance and indications of an increase in volatility heading to the next area of support.

1) Trading in a pennant
2) moving averages
3) Fibonacci retracement

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