EURUSD At Major Fibonacci Level
EURUSD managed to move above yesterdays high before the bears pushed price down for a lower close today. The 1.4500 level has confluence with the longer term Fibonacci 61.8 retrace from major weekly swing high/low levels.
Price also touched an ascending trend line and any drop below todays move could see a breakout move and some form of corrective wave lower.
The order flow could well be inplace for a sustained move lower if this trend line breaks as it has had five perfect touches on the daily chart which will not have escaped the markets attention.
We will be looking for price action around this key level and will post any trades on our Forex trading blog.