EURUSD continues the bearish movement started on Friday, and is restricted by the red trendline. Yesterday, sellers managed to break the 38.2 Fibonacci level which played an important role as a support on Friday and Monday. The 38.2 Fibonacci level is now the closest resistance.
The sentiment is negative, and will stay this way as long as price is below the trendline and below the 38.2 Fibonacci level. Breaking the latter will change the sentiment into a neutral one. Positive sentiment will be created once the price comes back above the 1.3225 resistance. Breaking this line will have a potential to drive the prices up to the next Fibonacci level 23.6.
EUR/USD" title="EUR/USD" width="1039" height="434">
Today’s calendar is not packed with many important data, but the figures to watch out for are: EU GDP and EU retail sales, both of which will be shown at 10 AM GMT, and will have a potential to move the market.
Currently, the closest support will be at the 50% retracement level of the latest bullish trend located above 1.3105
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EUR/USD: Trying To Break Short-Term Bearish Trendline
Published 09/04/2013, 07:10 AM
Updated 01/31/2022, 02:45 AM
EUR/USD: Trying To Break Short-Term Bearish Trendline
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