EUR/USD: Near-term bearish pressure far from being over

EUR/USD’s inability to find acceptance above 23.6% Fibonacci level of the 1.1497-1.0636 downfall and subsequent pullbacks suggest that the near-term bearish pressure might still be far from being over, according to Haresh Menghani from FXStreet.

Key quotes

“Any meaningful pullback might continue to attract some dip-buying near mid-1.0700s, which should now act as a key pivotal point for short-term traders.”

“A sustained break through the mentioned support is likely to accelerate the slide towards the 1.0715-10 horizontal zone before the pair eventually breaks below the 1.0700 mark and accelerates the fall further towards mid-1.0600s.”

“The 1.0880-1.0900 region might continue to act as an immediate strong resistance, which if cleared decisively, might prompt some short-covering move and lift the pair towards 38.2% Fibo. level, around the 1.0960 region.”