EURUSD closed a session marked with high volatility after being negatively affected by breaching the support of that ascending price channel that limited its previous short-term movements, with negative pressure from the SMA50, leaning eventually on the important support of 1.1144, which represents the ratio 38.2% of Fibonacci retracement levels for an ascending wave in the short term (from 1.0825 to 1.1342), lending it positive momentum that helped it recover some losses, with an influx of negative signals from relative power indicators.

Therefore we expect more losses to come for the pair, provided it breaches the support of 1.1144, targeting thereafter the support of 1.1083, representing the ratio 50% of the same retracement levels mentioned earlier.

Trend Bearish