EURUSD tests for further declines
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EUR/USD has spent a significant portion of Tuesday's day revolving around familiar territory, with this currency pair fluctuating around 1.0900. Overall, the trend remains bearish in today's trading session, as the price has reached the perfect Fibonacci 0.618-0.5 level, which also acts as a strong resistance level. In theory, the price will quickly push downwards towards the previously broken support levels.
The support level at 1.0902 is currently playing the role of a catalyst for the bullish camp in this currency pair. And if the correction is rejected at the resistance level of 1.0927-1.0934, the price will quickly find its way back to the support level of the upward channel. However, if buyers hold above this level, the price may test local highs or even reach 1.100 before further decline.
Breaking the support level at 1.0902 is expected to provide momentum for lower levels.
EUR/USD has spent a significant portion of Tuesday's day revolving around familiar territory, with this currency pair fluctuating around 1.0900. Overall, the trend remains bearish in today's trading session, as the price has reached the perfect Fibonacci 0.618-0.5 level, which also acts as a strong resistance level. In theory, the price will quickly push downwards towards the previously broken support levels.
The support level at 1.0902 is currently playing the role of a catalyst for the bullish camp in this currency pair. And if the correction is rejected at the resistance level of 1.0927-1.0934, the price will quickly find its way back to the support level of the upward channel. However, if buyers hold above this level, the price may test local highs or even reach 1.100 before further decline.
Breaking the support level at 1.0902 is expected to provide momentum for lower levels.
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