EURUSD has fallen below $1.1300 support
According to the chart of the EURUSD pair’s four-hour chart, the recent bullish rally of $ 1,1,800 Rand has been stopped at $ 1,300. This downside rally has been in the form of a downward channel. On November 7, the EUR / USD rate could break the $ 1,1,300 support for the downside channel ceiling to reach a Rand rate of 1,500. But this rate appeared in the form of resistance and prevented further upward moves, which resulted in a false ceiling of the channel, and EURUSD again returned to support at $ 1,300.
In today’s trading, the EURUSD has been hit by sales pressures, breaking the 1,1300 support after three months and falling to near the channel’s bottom. As the pair crossed the $ 1,1,300 and Fibonacci retracement of 61.8%, we can say that the probability of a downside move up to a 100% Fibonacci estimate at $ 1,180 is available. Meanwhile, the mid-range rate of 1.250, the Rand rate of 1.200 and the bottom of the channel will be troublesome for vendors. Read more: Fibogroup review
Conversely, if the mid-range price is around 1.12250 in support, and will prevent further downtrend movements, the EURUSD could return to resistances of 1,1300, 1,1335 and channel ceilings.