FX.co ★ EURUSD remains weak

EURUSD is trading at 1.1865 having broken easily the 61.8% key Fibonacci support level. Trend remains bearish. Our next target is at 1.1825 where we find the 78.6% Fibonacci retracement. Inability to reverse the trend from this area, will increase chances of price breaking below 1.17.

EURUSD is heading towards our next target which is the 78.6% Fibonacci retracement level at 1.1825. Short-term trend remains bearish. Major support is found at 1.17. There is no sign of a bullish divergence and price continues making lower lows and lower highs.

Breaking below 1.1825 will increase dramatically the chances of breaking below 1.17 and a move towards 1.13-1.15. Breaking below 1.17 will give us 1.15 as the first target where we find the 50% Fibonacci retracement. At 1.13 is the second target. It is too soon to talk about these two targets before seeing a break of 1.17. Bears remain in control of the trend.