EURUSD to Test a Major Trend Line
The price action of the EURUSD pair rebounded following the publication of the October non-farm payrolls on Friday. It broke out above the 23.6 per cent Fibonacci retracement level at 1.15537 and is currently consolidating above the 50-day MA (in green).
The price action is also concentrating below the descending trend line (in red) and the 38.2 per cent Fibonacci at 1.15802, which is converging with the 100-day MA (in blue). A potential breakout above the two would confirm the attempted trend reversal, whereas a potential denial below the trend line would imply the likely continuation of the downtrend further down south.
The price action is also concentrating below the descending trend line (in red) and the 38.2 per cent Fibonacci at 1.15802, which is converging with the 100-day MA (in blue). A potential breakout above the two would confirm the attempted trend reversal, whereas a potential denial below the trend line would imply the likely continuation of the downtrend further down south.
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