FX.co ★ EURUSD holding below descending trendline resistance! Further drop upcoming!

EURUSD holding below descending trendline resistance. With technical indicators showing room for further bearish momentum, a further push down to our 1st support at 1.16645 could be possible.

Trading Recommendation

Entry: 1.17490

Reason for Entry:

23.6% Fibonacci retracement, 61.8% Fibonacci retracement and descending trendline resistance

Take Profit: 1.16645

Reason for Take Profit:

100% Fibonacci retracement, 161.8% Fibonacci expansion and swing low support

Stop Loss: 1.17800

Reason for Stop Loss:

38.2% Fibonacci retracement, 100% Fibonacci expansion and 200MA