SOLID ECN LLC
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EUR/USD: Downtrend Likely to Continue
Solid ECN—The EUR/USD failed to maintain its position above the 23.6% Fibonacci level, resulting in a decline. As of now, the price is around 1.069. Technical indicators suggest that the bearish trend is likely to continue. The price must stay below the Ichimoku cloud for this downtrend to continue.
The immediate resistance is at 1.066. If the EUR/USD price falls below this level, it will likely move towards the 1.064 support.
On the other hand, the key resistance level is at 1.076. If the price crosses above 1.076, the bearish outlook will be invalidated. In this case, the next bullish target will be the 50% Fibonacci level at 1.079.
The immediate resistance is at 1.066. If the EUR/USD price falls below this level, it will likely move towards the 1.064 support.
On the other hand, the key resistance level is at 1.076. If the price crosses above 1.076, the bearish outlook will be invalidated. In this case, the next bullish target will be the 50% Fibonacci level at 1.079.
