EURUSD is trading close to 1.09. Price has broken below our latest target at 1.10 where the 78.6% Fibonacci retracement was found. EURUSD is in a capitulation phase now. Price is approaching the 2017-2021 trend line.
EURUSD is making new weekly lows. Price is under pressure and approaches the major support trend line. This support is at 1.0850. The weekly RSI is not making new lows yet. Will we see another bullish divergence? Most probably, but until price shows a reversal signal, traders need to be patient. EURUSD capitulation phase could complete over the next couple of sessions.
