EURUSD is making new short-term lows relative to the start of the week. Price however is still around the major Fibonacci support around 1.10. With a bullish divergence warning in the 4 hour chart, traders should not be surprised with a bounce towards 1.1030 and higher.
Orange rectangle -Fibonacci support area
EURUSD seems to respect the 61.8% Fibonacci retracement level so far. Price is producing a lower low but the RSI is not following in the 4 hour chart. This is a warning for bears to be cautious. A bounce towards 1.1030 could be seen today or even tomorrow...Trend remains bearish in the short-term as long as price is below 1.1180 but we could get a hint of a trend reversal if bulls manage to recapture and hold above 1.11. Breaking below 1.10 and staying below it will open the way for a move towards 1.0944 first.
