FX.co ★ EURUSD rejection at 1.1484.

EURUSD is down for the second day in a row. Price last week made a high around 1.1484 barely higher than the January 14th highs. We have a double top at 1.1484. The rejection at the horizontal resistance is expected to push price lower towards 1.1350.

EURUSD is trading above 1.14. Price got rejected at 1.1484 and has most probably finished the upward move that started on January 28th. Price is expected to make a pull back towards 1.1350 where we find the 38% Fibonacci retracement of the last upward movement. At 1.1265 we find the 61.8% Fibonacci retracement of the rise which is a major support level and possible reversal level if reached. For the next couple of days I expect EURUSD to move lower. Resistance remains key at recent highs and double top.