Forex Trading: EUR/USD Retreats After Hitting Resistance
Price action on EUR/USD, a daily chart of which is shown, after around two weeks of bullishness, has turned down significantly from resistance just below the 1.2500 price region. In the process, price has also hit dynamic support at a steep uptrend support line that represents the current downtrend’s bullish correction extending from the early June long-term low. If the current bearishness (which might be considered a bearish correction within a bullish correction) continues with a strong close below the noted uptrend line, price could begin to get back into downtrending mode, with a clear initial downside target in the 1.2150 price region.
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