EURUSD remains in a short-term bearish trend. Price is now below Fibonacci support at 1.1070 and I expect price to move towards 1.1020-1.10 as we explained in our last analysis yesterday.
EURUSD is breaking below the 38% Fibonacci retracement and is approaching our next target at the 50% retracement at 1.1020 area. However the next most important Fibonacci level is at 1.0993 at the 61.8% Fibonacci level. Bulls will try and stop the decline around 1.10 I believe and not sooner. Traders wanting to go long need to be very patient now as we could see much lower levels. The RSI is far from oversold. Trend remains bearish.
