Red lines- bearish medium-term channel
Blue lines- Fibonacci retracement
EURUSD is trading around 0.9650. The last couple of days EURUSD was trading around the 61.8% Fibonacci retracement level. We mentioned many times that the 61.8% Fibonacci level is a point where we usually see trend reversals. However the reversal attempts by bulls so far were weak and found resistance at 0.9760. EURUSD approached today the highs from yesterday's session but got rejected. The CPI numbers were announced and price reversed sharply lower. In yesterday's analysis we noted that as long as price is below October 11th highs, we remain bearish. Price has reached our next target at the 78.6% Fibonacci retracement. Our view remains the same. We remain bearish as long as price is below 0.9775.
