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25.10.202115:37 Forex Analysis & Reviews: Technical analysis on EURUSD for October 25, 2021.

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EURUSD made a triple top around 1.1670 and today is moving lower reaching the 50% Fibonacci retracement level of its latest upward move. It is important for bulls to make a higher low in order to gain momentum for the next leg higher.

Black lines- Fibonacci retracement levels

EURUSD got rejected at the 38% Fibonacci retracement of the decline from 1.1910. Price made three attempts to break this Fibonacci resistance level but failed. This lead to price falling sharply towards 1.16 and the 50% Fibonacci retracement of the recent upward movement. For a bigger bounce, bulls need to break above 1.1670 triple top.

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