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26.06.202008:43 Forex Analysis & Reviews: EURUSD fails to hold key Fibonacci support

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EURUSD has pulled back towards 1.12 and is now trading below key Fibonacci support. This is a bearish sign. Bulls need to recapture the 1.1230-1.1250 level otherwise bears will remain in control of the short-term trend and we could see much more selling pressures next week.

Black lines - Fibonacci retracement levels

Blue rectangle - resistance (previous support)

EURUSD is below the 61.8% Fibonacci retracement. Resistance is now where support once was. Bulls need to move above the blue rectangle and close the week above it in order to have chances next week for another move higher. Next support is at 1.1170. Breaking below this level would open the way for a move lower towards 1.11-1.1090.

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