Currently, the EUR/USD continues to trade below the resistance level of 1.0850 as the currency pair remains within familiar levels for the week. The Euro has been declining against the US Dollar due to a decrease in price flow after the ECB maintained stable interest rates and the US GDP grew faster than expected in 2017. At the time of writing, the price is trading around 1.0841, a decrease of 0.04% for the day.
My target after this slight decrease in the currency pair towards the support level of 1.0822 would be an increase with a Fibonacci target of 0.618, which is 1.0864, higher than the Fibonacci level of 0.5 at 1.0877. This is the final range where prices could react significantly.
There is still a possibility for further decline in EUR/USD, as evidenced by the continued downward momentum provided by the 34 and 89 EMA moving averages. And if this occurs, my long-term strategy would still be to sell with an expected decrease to 1.0822, followed by a breakout below this support level towards 1.0751, which could also be a range where prices could bounce back after a stormy period.
My target after this slight decrease in the currency pair towards the support level of 1.0822 would be an increase with a Fibonacci target of 0.618, which is 1.0864, higher than the Fibonacci level of 0.5 at 1.0877. This is the final range where prices could react significantly.
There is still a possibility for further decline in EUR/USD, as evidenced by the continued downward momentum provided by the 34 and 89 EMA moving averages. And if this occurs, my long-term strategy would still be to sell with an expected decrease to 1.0822, followed by a breakout below this support level towards 1.0751, which could also be a range where prices could bounce back after a stormy period.
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