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25.09.202016:23 Forex Analysis & Reviews: EURUSD at its weekly lows

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EURUSD is trading every day closer to our first target of 1.16. Price remains in a bearish short-term trend. Confirmation of the bearish signal at 1.1865 came when price broke below 1.1750. Price should continue lower towards the major Fibonacci retracement level.

Blue lines - bullish channel (broken)

Red line - resistance

Black lines - Fibonacci retracement levels

EURUSD continues to make lower lows and lower highs. Price is approaching the important 38% Fibonacci retracement level. I expect price to stop the decline near this retracement level. Resistance is key now at 1.1740 where it was once support. Support is at 1.1515 area where we find the 38% Fibonacci retracement. However I expect price to bounce strongly off 1.16. For now we remain bearish expecting prices to continue lower.

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