? EUR/USD Bearish Channel Retesting Key 1.20 Resistance Zone ?

Hi traders,

the EUR/USD is making a slight pause within the downtrend channel prior to the NFP news event later today. Price is now testing a key resistance zone of the channel and local resistance.

EUR/USD

4 hour

A bullish breakout however will probably soon find new resistance spots at the Fibonacci levels of wave 4 (green). A bearish bounce could see price fall towards the Fibonacci targets of wave 3 (blue) whereas a bullish breakout above the 50% Fib could put the downtrend into question.

Get Free Month of ecs.LIVE

Open Account with Markets.com via ECS.

Learn How to Apply

1 hour

The EUR/USD is hitting multiple resistance levels, which is a new bounce or break spot. Depending on how the NFP event develops, price will either continue with the downtrend or build a larger correction.

Good trading,

Chris Svorcik
Elite CurrenSea
.