EURUSD hit multiple Support levels!

The EURUSD pair has been trading within a multi-month Channel Down since late May 2021. This week the price broke and will most likely close below its Lower Lows trend-line for the first time. In doing so it hit the first Support level, which is the 1.5 Fibonacci extension. At the same time, the 1D RSI hit the Support level of the March 07 Low. The price is very close to the Diverging Lower Lows trend-line of the January 27 low.

As a result, there is a stronger case for a short-term rebound towards the 0.382 - 0.5 Fibonacci retracement zone, with our target being 1.0740. Only a break above the 0.618 Fib can justify further buying towards 1.1100. As long as the price is contained below the 0.5 Fib, we are more likely to see a rejection towards 1.03500 as the next Lower Low (-0.236 Fib).


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