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EURUSD: How deep will the correction be?

Since the beginning of the year the currency pair gained more than 10.0% although last week fell almost 1.5% and is in a warning phase since late September.

Last week the EURUSD plunged with a wide range and closed near the low of the week, in addition managed to close below the previous week low, which suggests a strong bearish momentum.

The currency pair is trading below the 10 week moving average that should provide a good dynamic resistance.

The stochastic is showing a strong bearish momentum and crossed below the 50 mid line.

The currency pair seems to have found some support on the convergence of the 2016 high with 50% Fibonacci retracement however will it be enough to push the price back up or will make a pause before continuing is downward correction?

Expecting a downward move to a Fibonacci retracement at 1.1491 on a bounce from other Fibonacci retracement at 1.1720 (scenario 1) however a break below the previous week low at 1.1573 could trigger another bearish run toward a daily support at 1.1312 (scenario 2).