EURUSD; Bears taking over. Correction or trend change?
A break below the uptrendline and a confirmed triangle sees this market falling toward the calculated 1.1700 target. This is the bigger and more critical support for now;
If this move is considered a correction, bulls should try an defend at this level around the standard 38.2% Fibonacci level. It is extra important for bulls to take a stand there as on this weekly chart they need to create a higher low to keep the broader uptrend intact. This process could be in danger on a weekly close below 1.1700.
It is likely to see at least one bounce from this level this week, also as this currency has fallen outside the Bollinger Bands which mostly sees a counteraction.
Below 1.1700 downside risk extends to the mid 1.1400'sExpect resistance just above 1.1900.
If this move is considered a correction, bulls should try an defend at this level around the standard 38.2% Fibonacci level. It is extra important for bulls to take a stand there as on this weekly chart they need to create a higher low to keep the broader uptrend intact. This process could be in danger on a weekly close below 1.1700.
It is likely to see at least one bounce from this level this week, also as this currency has fallen outside the Bollinger Bands which mostly sees a counteraction.
Below 1.1700 downside risk extends to the mid 1.1400'sExpect resistance just above 1.1900.
Penafian
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