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EUR/USD breaks Fibonacci support amid decline
EUR/USD has been consistently falling over the past month, with the price hitting a new five-month low this morning. The break below the wider 76.4% retracement at $1.1790 provides us with a bearish signal, and points towards a heightened chance that we will break below the crucial long-term swing low of $1.1554.
With such a break, we could be looking at confirmation that a long-term bearish reversal is in play. There is a possibility we could see the price turn higher soon enough for a short-term retracement. However, as long as we remain below the upper Bollinger band, there is a strong chance we will see further downside come into play.