EUR/USD: Will 50% Fibo Hold?

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EUR/USD: Will 50% Fibo Hold?

8:15 AM (EST) Update

EUR/USD: Bearish sentiment below 50% Fibonacci

Suggested positioning: Short positions below 1.078 with targets at 1.0725 and 1.0655 in extension

Technical reasons: Unable to move above the 61% Fiboannci level, the pair moved down to be held below the 50% Fibo, while remaining inside the Ichimoku cloud. The RSI is heading down towards the neutrality area.

Alternative Scenario: Above 1.078 look for more upside towards 61% Fibonacci at 1.0838

Where I’m setting my stops and limits:

Support Levels Turning Point Resistance Levels
1.0655 1.0725 1.0780
1.055 1.0838