EURUSD experienced a strong upward trend last month but hit a solid barrier around 1.1000 on November 23rd. Since then, it has dropped about 250 pips, finding support around 1.0750, which used to be a resistance level.
Right now, the price seems to be undergoing a corrective or retracement phase. It could potentially move up to the 50-61.8% Fibonacci retracement levels, roughly between 1.0875 and 1.0925. If it meets resistance in this zone, we might see a continuation of the bearish trend, indicating a shift in the market structure.
As a possible target, the price could head towards 1.0650, driven by the dollar's recent strength, especially after last week's Non-Farm Payrolls (NFP) report. This aligns with the reverse story seen in the DXY (Dollar Index).
Feel free to share your thoughts in the comments section.
Right now, the price seems to be undergoing a corrective or retracement phase. It could potentially move up to the 50-61.8% Fibonacci retracement levels, roughly between 1.0875 and 1.0925. If it meets resistance in this zone, we might see a continuation of the bearish trend, indicating a shift in the market structure.
As a possible target, the price could head towards 1.0650, driven by the dollar's recent strength, especially after last week's Non-Farm Payrolls (NFP) report. This aligns with the reverse story seen in the DXY (Dollar Index).
Feel free to share your thoughts in the comments section.