EUR/USD broke below the ascending regression channel and the Relative Strength Index (RSI) indicator on the 4-hour chart dropped below 40, highlighting a buildup of bearish pressure.
On the downside, a strong support area seems to have formed at 1.0870-1.0860, where the 100-period Simple Moving Average (SMA) meets the Fibonacci 38.2% retracement level of the latest uptrend. If the pair falls below that level and starts using it as resistance, 1.0830 (200-period SMA, Fibonacci 50% retracement) could be seen as the next bearish target before 1.0800 (Fibonacci 61.8% retracement).
On the downside, a strong support area seems to have formed at 1.0870-1.0860, where the 100-period Simple Moving Average (SMA) meets the Fibonacci 38.2% retracement level of the latest uptrend. If the pair falls below that level and starts using it as resistance, 1.0830 (200-period SMA, Fibonacci 50% retracement) could be seen as the next bearish target before 1.0800 (Fibonacci 61.8% retracement).
Comment:
Running In Profit
Trade active
t.me/+kO6DJBTMyEw3ZGY0
I’m Always Here To Help You
t.me/+kO6DJBTMyEw3ZGY0
Come And Get Confirm Market Analysis
t.me/+kO6DJBTMyEw3ZGY0
I’m Always Here To Help You
t.me/+kO6DJBTMyEw3ZGY0
Come And Get Confirm Market Analysis
t.me/+kO6DJBTMyEw3ZGY0
