The EURUSD begins the bearish correction – Analysis - 11-01-2021
The EURUSD pair confirmed breaking the bullish channel’s support line and opened today with clear decline to touch 1.2173 level that represents 23.6% Fibonacci correction level for the rise measured from 1.1602 to 1.2349, to suggest the beginning of bearish correction that its targets extend to 1.2064 after confirming surpassing the previous level.
Therefore, the bearish trend will be expected for the upcoming period, supported by the negative pressure formed by the EMA50, taking into consideration that failing to achieve the requires break will lead the price to start recovery attempts and test 1.2270 areas initially.
The expected trading range for today is between 1.2090 support and 1.2240 resistance.
The expected trend for today: Bearish
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