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EURUSD has reached the 100% Fibonacci extension at 1.1860 and is now trading a bit lower. Price remains in a bearish trend and the RSI has still not reached oversold levels in the Daily chart. We might see a bounce soon but there are many chances this downward move has more ground to cover.
In the past we talked several times of the possibility of a bigger reversal towards the 38% Fibonacci retracement of the entire upward move. The first target we had in our mind was the 38% around 1.17. Now at the same area we find the 261.8% Fibonacci extension of the first leg down from 1.2243 to 1.1991. At the 1.1850 level we find the 100% equality of the first downward move from 1.2348 to 1.1951. This is an area where we would expect a bounce in price even if it is temporary. Bears remain in control of the trend.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.