FX.co ★ EURUSD facing bearish pressure, potential for further drop!

Price is facing bearish pressure as it continues to hold below both the descending trendline and moving average resistances, in line with our analysis. We could see a reversal at 1st resistance, in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance, and further downside towards 1st support, in line with 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support.

Trading Recommendation

Entry: 1.20419

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance

Take Profit: 1.19937

Reason for Take Profit:

78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 1.20760

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing high resistance