FX.co ★ EURUSD falls below 1.20

EURUSD remains in a bearish trend. Price today broke below 1.20 and is approaching our first pull back target of 1.19-1.1870. Price has broken key trend line support and with the RSI far from oversold levels, we expect this pair to remain under pressure.

EURUSD continues making lower lows and lower highs. Clearly trend is bearish and betting against it should be avoided. The 38% Fibonacci retracement level remains our 1st target for the pull back. There is no sign of a bullish reversal or an indication of a short-term bottom. That is why I consider every bounce as a selling opportunity.