EURUSD To Extend Declines

EURUSDH1 (2)
The Euro moved down recently and struggled to settle above the 1.1800 level against the US Dollar. There are a few bearish trend lines on the hourly chart with resistances at 1.1740, 1.1770 and 1.1820.
The pair recently failed near a major resistance of 1.1760 and declined below the 50% Fib retracement level of the last wave from the 1.1688 low to 1.1770 high.
It seems like the pair is likely to extend declines and may soon break the 1.1710 support to test 1.1700. Any further declines could take the pair back towards the last low of 1.1688. Selling rallies towards 1.1740 may be considered in the short term.

Leave a Reply