EURUSD holding below descending trendline resistance. With technical indicators showing room for further bearish momentum, a further push down to our 1st support at 1.16645 could be possible.
Reason for Entry:
23.6% Fibonacci retracement, 61.8% Fibonacci retracement and descending trendline resistance
Take Profit: 1.16645
Reason for Take Profit:
100% Fibonacci retracement, 161.8% Fibonacci expansion and swing low support
Stop Loss: 1.17800
Reason for Stop Loss:
38.2% Fibonacci retracement, 100% Fibonacci expansion and 200MA
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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