EURUSD has broken the trend line support and pulled back as low as 1.1957. In our previous analysis we noted that it is justified to see a back test at the break out area around 1.20-1.2020.


Red line – previous support now resistance

EURUSD is testing the red trend line from below. A rejection here will lead to a move lower below recent low of 1.1957. Most probable target is the 38% Fibonacci retracement around 1.17. Short-term trend remains bearish as long as price is below 1.21. We consider this bounce as a selling opportunity for a move lower.

The material has been provided by InstaForex Company –

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