EURUSD: stuck in a downtrend
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Hello dear friends, let's discuss the previous week's performance of EURUSD with RKarina and talk about strategies for the upcoming week!
Last week, EURUSD was trapped in a downward trend, closing below the support level of 1.090 and currently trading around 1.089.
As a result, there was a slight price recovery during the correction, but it is expected to encounter resistance at the Fibonacci retracement levels of 0.5 - 0.618.
The possibility of further price decline for this currency pair remains high as it is still in a long-term downtrend, with a short-term target of 1.078.
Last week, EURUSD was trapped in a downward trend, closing below the support level of 1.090 and currently trading around 1.089.
As a result, there was a slight price recovery during the correction, but it is expected to encounter resistance at the Fibonacci retracement levels of 0.5 - 0.618.
The possibility of further price decline for this currency pair remains high as it is still in a long-term downtrend, with a short-term target of 1.078.
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