EURUSD made a new lower low today at 1.2092. Our first pull back target was at 1.2050. Important Fibonacci support level is found at this level. EURUSD is making lower lows and lower highs. Short-term trend is bearish and we remain bearish as long as price is below 1.2190.
Blue lines- Fibonacci retracements
Black line - resistance
EURUSD is in a bearish short-term trend as long as price is below the black trend line. This resistance is now at 1.2190. Support is at 1.2050. I believe that the downward move is far from over and we should expect more EUR weakness. The RSI shows no reversal warnings in the 4 hour chart yet, so I believe we are not done with the pull back.