Strong bearish continuation seen here on the daily chart of EURUSD. The bears really bringing this thing down the last few days, defeating the bulls and not taking any prisoners.
This is heading right into a historical area of support, in fact a major support area that has been respected since late 2012.
This latest move looks like it's going to be a one move continuation into the historical support area (shown in the chart as the blue rectangle). What I like about this move as it has hit and exceeded the 1.618 fibonacci target, and it's next target is 2.618, and 2.618 lands perfectly into this historical support area. Supporting that this area is a target, and a place for a potential rebound (if you like.)
Will it hold above that support line? Or go into previous 2010 support levels?
Too early to make positions for sure. But definitely worth keeping your eye on.
This is heading right into a historical area of support, in fact a major support area that has been respected since late 2012.
This latest move looks like it's going to be a one move continuation into the historical support area (shown in the chart as the blue rectangle). What I like about this move as it has hit and exceeded the 1.618 fibonacci target, and it's next target is 2.618, and 2.618 lands perfectly into this historical support area. Supporting that this area is a target, and a place for a potential rebound (if you like.)
Will it hold above that support line? Or go into previous 2010 support levels?
Too early to make positions for sure. But definitely worth keeping your eye on.