The EUR/USD pair on Friday fell below the 61.8% Fibonacci level of the recent corrective bounce and now seems vulnerable to extend the downward trajectory, according to FXStreet’s analyst Haresh Menghani. Key quotes “Sustained weakness below the 1.0785-75 region will reinforce the negative outlook and set the stage for a slide back towards the 1.0700 round-figure mark en-route yearly lows, around the 1.0635 region.” “On the flip side, any attempted recovery now seems to confront some fresh supply near the 1.0890-1.0900 region (50% Fibo.), above which a bout of short-covering has the potential to lift the pair further towards 38.2% Fibo., around mid-1.0900s.” 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 GBP/USD risks extra downside near term – UOB FX Street 2 years The EUR/USD pair on Friday fell below the 61.8% Fibonacci level of the recent corrective bounce and now seems vulnerable to extend the downward trajectory, according to FXStreet’s analyst Haresh Menghani. Key quotes “Sustained weakness below the 1.0785-75 region will reinforce the negative outlook and set the stage for a slide back towards the 1.0700 round-figure mark en-route yearly lows, around the 1.0635 region.” “On the flip side, any attempted recovery now seems to confront some fresh supply near the 1.0890-1.0900 region (50% Fibo.), above which a bout of short-covering has the potential to lift the pair further towards 38.2%… 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.
