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EURUSD has so far retraced 50% of the recent rise from 1.1193 to 1.1285. Short-term trend is bearish as price is making lower lows and lower highs. A reversal of trend should come once the ABC decline completes around 61.8% Fibonacci retracement and price breaks above 1.1275.

Exchange Rates 12.07.2019 analysis

Red lines - bearish channel

Blue rectangle - possible reversal area

Green line - expected path

EURUSD is pulling back towards the upper channel boundary and towards the 50-61.8% Fibonacci retracement levels. A reversal to the upside from these levels is highly probable. EURUSD bulls should respect the 61.8% level and break above 1,1275 resistance in order to resume their up trend. Support is at 1.1228. I expect that it is more probable to see an upward reversal.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2019
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