EURUSD made a high today around 1.1851. This bounce was justified as price held above the key Fibonacci support at 1.1814. Price is now turning around lower again and is now trading at 1.1819. Our previous analysis expected exactly that turnaround after the short-term bounce.
Green lines - Fibonacci retracement
EURUSD has support at 1.1814-1.18. Breaking below this level is what we expect according to our previous analysis. EURUSD is expected to move closer to the next Fibonacci retracement target at the 50% level of 1.1785. Short-term trend remains bearish as price is making lower lows and lower highs. If bulls manage to defend 1.18, then we could see bulls try to reclaim 1.1850. Breaking above 1.1850 could lead to a move higher towards 1.19.
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