Dean Wright ,Senior Analyst ,Fxknight.com
The EUR/ USD has recently consolidated and hit the previous Bull and Bear targets over the last two weeks.
The EUR/ USD has recently consolidated and hit the previous Bull and Bear targets over the last two weeks.
The EUR/ USD played beautifully to the Fibonacci projection with the price reversing at 1.4234, the key level discussed on the analysis published on the 10th of October.
As the price of the EUR/USD has closed below the key level of 1.3726, it has a likely chance of continuing to the downside, in which case, the bear target of 1.3333 is most likely still in play.
Due to the fact that last week, buyers came in at 1.3595, this should be a key level to watch on the way down as buyers may come in again.
Should 1.3889 fail to hold as resistance, then the most likely target to the upside would be the 138.2 Fibonacci projection level at 1.3889, a key buying and selling point for traders in recent weeks. If price continues to move to the upside then a double top could occur at 1.4234 and so this should be a key level to watch for sellers coming in again.
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