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EUR/USD breaks out of uptrend
Friday saw EUR/USD drop through trendline support, threatening the uptrend in play over recent months. Crucially, we saw the price follow up that break with a move below the hugely notable $1.1785 swing low. This gives us confidence that we are seeing a reversal, with shorts preferred on the rebound.
With that in mind, it is worth using the Fibonacci retracements as areas of value. Of particular note would be shorts around the $1.1860 region. We would need a break back up through $1.1910 to negate this new bearish outlook.
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