EURUSD continues to trade above 1.21 but price today made no real progress. With a high at 1.2146, price today back tested the recently broken support of 1.2150-1.2140. Price is making lower lows and lower highs.
Blue lines - Fibonacci retracements
EURUSD is in a bearish short-term trend and it is vulnerable to a move towards 1.2050 where we find the 38% Fibonacci retracement. Resistance is at 1.2185 where the black trend line is. As long as price is below it, we remain short-term bearish. The pull back has just started and I believe we have bigger potential to the downside. Today's price action has not provided any important new information as price is exactly where it was at the open.
