FX.co ★ EURUSD reaches first pull back target

EURUSD has reached our 38% Fibonacci retracement level target. We were bearish some time now after showing the bearish break out of the bullish channel and the bearish RSI divergence.

Green line - support trend line

Black lines -Fibonacci retracement

EURUSD remains in a short-term bearish trend making lower lows and lower highs. The RSI is still not in oversold levels. Price has just reached today the 38% Fibonacci level which was our target. Price is very likely to continue lower this week towards the green upward sloping medium-term trend line. This support is at 1.1975 where we also find the 50% Fibonacci retracement. Bears remain in control of the short-term trend. No sign of reversal or bottom yet.