The EUR/USD is in a bearish trend. We might have completed a bearish retracement and the price is just below 78.6 Fibonacci.
1.2130-50 is the POC zone. We can see a good confluence within the zone and we might expect a further continuation down towards W L3, W L4 and possibly W L5. Targets are 1.2120 and 1.2093 followed by 1.2084, 1.2044 and 1.1977. Only a break above 1.2170 could make bulls stronger and the trend could change.
The Analysis has been done with the Black Widow system.