Violet lines- Fibonacci retracement
Black line- support neckline
EURUSD is trading around 1.06 after yesterday's sell off from 1.0760 to 1.0517. Price briefly made new lows but at the end of the day price closed above the neckline support of 1.0540. Price today bounced towards 1.0636 but bulls remain weak as the daily candlestick has now an upper long tail. Recent price action has confirmed the importance of support around 1.0510-1.0530. Yesterday bears were not strong enough to break below it. Price tested the neckline support and thus far support remains intact. A daily close below 1.0510-1.0530 would be a sign of further weakness to come. Resistance remains key at the 38% Fibonacci retracement.
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