EUR/USD is trading 0.38% lower and now the consolidation has been broken. The next support is some way away but the Fib expansions show 1.16 could be important. EUR/USD 4-hour chart EUR/USD has broken down over the last few session as the US dollar strength persists. After the Fed disappointed markets at the last FOMC meeting, the main hope now rests on the White House to come to an agreement for a fiscal stimulus deal. This does not look like happening any time soon and time is running out as the US election gets nearer. The chart is now showing some nice lower high lower low waves on the downside. So far there is not too much to suggest this pattern is not going to continue in the medium term. There is a Fib extension zone (161.8%) at the current price level that could cause some problems. The main level is lower down at the 200.0% Fib extension level. This one matches with the 1.16 level and might provide some more support. The indicators are very bearish. It is hard to remember a time when the Relative Strength Index hugged the oversold zone in this manner. The MACD histogram is green and the signal lines are extended with a fair amount of separation. This does look like the trend change that the EUR/USD bulls had been fearing. The main consolidation low is now broken and a deep correction could be in the making. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Fed Rosengren: Likely to face a credit crunch toward the end of this year if banks come under stress FX Street 2 years EUR/USD is trading 0.38% lower and now the consolidation has been broken. The next support is some way away but the Fib expansions show 1.16 could be important. EUR/USD 4-hour chart EUR/USD has broken down over the last few session as the US dollar strength persists. After the Fed disappointed markets at the last FOMC meeting, the main hope now rests on the White House to come to an agreement for a fiscal stimulus deal. This does not look like happening any time soon and time is running out as the US election gets nearer. The chart is now showing some… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.