EURUSD was very weak yesterday as price broke below the 61.8% Fibonacci retracement at 1.13 and has made a new lower low towards 1.1250. Bulls were unable to break above the short-term resistance and the absence of a strong bounce has led to another selling round.
Green line - support trend line
Blue lines - bearish channel
EURUSD remains inside the medium-term bearish channel after the fake breakout above 1.14 and is also creating a short-term bearish channel targeting 1.12.As long as price is below 1.14 medium-term trend remains bearish. Short-term remains bearish as long as price is below 1.1330. Price has broken below important Fibonacci support level and is now challenging the support at 1.1235. Breaking below it will open the way for 1.1140-1.1160.
The material has been provided by InstaForex Company - www.instaforex.com
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