Black line- support trend line
Violet lines- Fibonacci retracement levels
EURUSD is making new lower lows. Price is at fresh weekly lows trading below 1.06. After breaking below the 23.6% Fibonacci retracement, price is accelerating towards the next target and Fibonacci support at the 38% retracement level. The RSI is far from oversold levels in the Daily chart. The 38% level is at 1.0465. Short-term trend remains bearish as price continues making lower lows and lower highs. Bulls hope this is just another pull back in a process of a major reversal and that we will not have a similar to 2021-22 decline. Support is found at 1.0350-1.04.
