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Currency analyst

EUR/USD: will the bears manage to hold positions?

On the daily EUR/USD chart the bears made another attempt to seize 1.1-1.1175 and suceeded. The level of 1.1 is currently acting as resistance. Downward target is at 1.089 (161.8% according to AB=CD).

 

On H1 resistance levels lie at 1.0987, 1.1036 and 1.1053. If the first of them is breached, the pair could test the upper border of the bearish trend and then move to 88.6% target of a "Bat" pattern. If the bears manage to protect their gains, decline towards 1.0890 will continue.

Recommendation: hold short positions.

EUR
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