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05.07.201918:29 Forex Analysis & Reviews: EURUSD under pressure challenges major support

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EURUSD is trading right above 1.12 and has broken critical trend line and Fibonacci levels. Bulls need to step in now in order to save the bullish scenario. Otherwise the bears regain medium-term trend control.

Green line - major trend line support

EURUSD has broken the 61.8% Fibonacci retracement. Price has broken also the upward sloping green trend line support connecting the last two important lows. These are bearish signs. Bulls need to recover price soon and bring it back above 1.13 if they want to keep their hopes alive for a move towards 1.14-1.15. Major support ahead at 1.1180. Breaking below it will put 1.11 in danger and will push price towards 1.10. Resistance remains at 1.13-1.1320. Breaking it will bring bulls back in control of the short-term trend.

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