EURUSD continues its move lower as expected since it topped and reversed on November 9th. Price initially reached the 38% Fibonacci retracement but as we explained in our analysis, a move towards the 61.8% was highly probable.
Blue lines – Fibonacci retracements
EURUSD has so far reached the 50% retracement. Price is making lower lows and lower highs. Bulls need to see the formation of a higher low and to get more fuel in order to start next leg higher. Bulls need to defend the 61.8% level and break above 1.1840 short-term resistance. Bears on the other hand need to push price even lower towards and below 1.16 in order to hope for a bigger correction. Our preferred strategy as we explained in previous analysis is to wait for the formation of a higher low around the 61.8% Fibonacci retracement. Once we get a reversal signal we look to buy with the 1.16 level as stop.
The material has been provided by InstaForex Company – www.instaforex.com
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