FX.co ★ Technical analysis of EUR/USD for June 15, 2016

EUR/USD found the top at 1.1600; after that it declined rapidly. While moving lower it broke below the ascending channel and the 200 Moving average.

The Fibonacci applied to the channel breakout point shows that price broke below the 23.6% level (1.1185) and after a strong correction up it rejected the 61.8% level (1.1400).

Overall trend is bearish and therefore consider selling EUR/USD at the current rate (1.1215), targeting the S2 support (1.1050). The stop loss should be just above the 50 Moving average - 1.1300.

Support: 1.1185, 1.1050

Resistance: 1.1270, 1.1335, 1.1400