The price action of the EURUSD pair recently completed a Triple Top pattern, which implies the likely continuation of the downtrend. However, for the time being, the price action continues to be consolidating in range between the 61.8 per cent Fibonacci retracement level at 1.15794 and the 38.2 per cent Fibonacci at 1.16138.
If the price action manages to break down below the support level at 1.15970, underpinned by the 200-day MA (in orange), decisively, this would likely highlight the beginning of a new downtrend towards the previous swing low at 1.15400.
The convergence of the 50-day MA (in green) and 200-day MA (in purple) with the upper limit of the range underpins the strong selling pressure in the market.
If the price action manages to break down below the support level at 1.15970, underpinned by the 200-day MA (in orange), decisively, this would likely highlight the beginning of a new downtrend towards the previous swing low at 1.15400.
The convergence of the 50-day MA (in green) and 200-day MA (in purple) with the upper limit of the range underpins the strong selling pressure in the market.
