FX.co ★ EURUSD bearish momentum

Price is holding below the 200period MA and below the descending trendline resistance showing a bearish momentum continuation. Price is expected to push down to up to the 1st Support in line with the 61.8% and 78.6% Fibonacci extension . This bearish bias is further supported by the stochastic indicator, K% line is bounced away from the resistance level and is expected to ride downwards.

Trading Recommendation

Entry: current price

Reason for Entry:

Reacted off 61.8% Fibonacci extension potential for further downside

Take Profit: 1.16591

Reason for Take Profit:

61.8% and 78.6% Fibonacci extension

Stop Loss: 1.17674

Reason for Stop Loss:

61.8% Fibonacci extension