EURUSD: Resistance trend line confirms bearish Euro.
The resistance trend line that goes through the recent swing highs since early July predicts that the price may reverse its direction at 1.1069. This is further supported by the fact that 1.106 also acts as the 0.618 Fibonacci retracement level. If the price does reverse its direction, I predict that it would bounce off the support level at 1.10833, and continue in an uptrend.
However, it is possible for the price to continue to rise in an uptrend. Therefore, a stop loss at the 0.500 Fibonacci retracement level would be most suitable.
However, it is possible for the price to continue to rise in an uptrend. Therefore, a stop loss at the 0.500 Fibonacci retracement level would be most suitable.
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