FX.co ★ EURUSD holding below descending trendline! Further drop incoming!

Price is holding below both descending trendline resistance and moving average. A further drop below 1st resistance at 1.20562 towards recent swing low and 1st support at 1.20173 can be expected.

Trading Recommendation

Entry: 1.20562

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance and moving average resistance

Take Profit: 1.20173

Reason for Take Profit:

Horizontal swing low support

Stop Loss: 1.20879

Reason for Stop Loss:

Horizontal swing high resistance