FX.co ★ EURUSD breaks below short-term support

EURUSD is trading again below 1.20 and has broken recent low. Price action implies that more downside should be expected over the coming sessions and price could fall as low as 1.1860 which is our first target.

The inability from bulls to recapture 1.2150 and the reversal below 1.20 are both signs of weakness. Price broke below the recent low and we now expect confirmation of this bearish signal by breaking below the February low at 1.1951. Breaking below 1.1950 will increase chances of reaching our target of 1.1860 which is the 100% extension of the recent downward move from 1.2242 to 1.1991. Bears are in control of the trend.