Positive Trade Talks? Both sides of the Atlantic? EURUSD
EURUSD on a 4HTF shows up Euro Bulls breaking a key level of resistance acting as the trend line down since the end of June, but stalled and failed to break above resistance at 1.10335. Lower time frames are showing us that the bears are fighting and winning as we see rejection of higher prices and the price is slowly moving back towards the 1.10 level.
With the current situation, we must keep our eyes and ears tuned to negotiation updates from both sides of the Atlantic. Technically, a move down looks to be more favorable at this time. Wait for the price to move below the 23.6% Fibo level. Targets down are going to be at support that coincides with the trend line down in the area of 1.09875, then support at 1.09639 and then 1.09397.
With the current situation, we must keep our eyes and ears tuned to negotiation updates from both sides of the Atlantic. Technically, a move down looks to be more favorable at this time. Wait for the price to move below the 23.6% Fibo level. Targets down are going to be at support that coincides with the trend line down in the area of 1.09875, then support at 1.09639 and then 1.09397.