FX.co ★ Daily Video Analysis: EURUSD facing bearish pressure, potential for further downside!

Today we take a look at EURUSD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bearish pressure as it holds below the descending trendline resistance and moving average resistances. We could potentially see a reversal at our sell entry level, in line with the descending trendline resistance, and a further drop towards our take profit levels, in line with our -27.2% Fibonacci retracement and horizontal swing low support. MACD is also holding below the 0 line in line with our bearish bias.