EUR/USD closed under key Fibonacci support on Friday. The pair risks falling to recent lows near 1.0630 in the short-term. A descending trendline hurdle is a level to beat for the bulls. EUR/USD closed in the red for the fifth straight day on Friday, extending the sell-off from the March 27 high of 1.1148. More importantly, the bears established a strong foothold under 1.0831, which is the 61.8% Fibonacci retracement of the rally from 1.0636 to 1.1148, with a weekly close under the key support. At press time, the pair is trading largely unchanged on the day near 1.0805, having faced rejection at 1.0822 a few hours ago. The path of least resistance is to the downside. A violation at Friday’s low of 1.0773 would bolster the bearish setup and expose the March low of 1.0636. The bearish bias would be invalidated if the trendline falling from recent highs is breached. As of writing, that trendline resistance is located near 1.09. Daily chart 4-hour chart Trend: Bearish Technical 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 China Reports 39 Additional Coronavirus Cases April 5 FX Street 2 years EUR/USD closed under key Fibonacci support on Friday. The pair risks falling to recent lows near 1.0630 in the short-term. A descending trendline hurdle is a level to beat for the bulls. EUR/USD closed in the red for the fifth straight day on Friday, extending the sell-off from the March 27 high of 1.1148. More importantly, the bears established a strong foothold under 1.0831, which is the 61.8% Fibonacci retracement of the rally from 1.0636 to 1.1148, with a weekly close under the key support. At press time, the pair is trading largely unchanged on the day near 1.0805, having… 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.
