After breaking out from the consolidation area, EURUSD is currently showing retracement from the downtrend. The support zone for the consolidation (1.1545 – 1.1555) happens to show confluence with the 50% Fibonacci Retracement levels of the current wave and this area would be a good area to watch.
Monthly Levels: Represented in Red
Weekly Levels: Represented in Blue
Daily Levels: Represented in Black
Like our content? Drop us a like on our Facebook page and share it so that more people can benefit from it!
Follow our Instagram page for more analysis on FOREX pairs!