EURUSD has given up a chunk of the recent gains with a fall to 1.1830
This area has been a prior S&R point and it’s makred the bottom so far today.
There was a similar line at 1.1865 that’s been on my charts for a while but it’s not having much affect today. This lower one is however. What’s also interesting is that the fibs from the Nov rally coincide with natural support and resistance areas too. I’m not usually interested in such short-term fibs but these ones add to the technical picture so are worth monitoring.
Des[ite bouncing from this support, we’ve only managed to get back to 1.1850 before finding renewed resistance. That potentially keeps the bearish pressure on, and we’re testing 1.1830 again as I type. A break here could see a few more short-term longs bail but that coulkd intensify should we then break 1.1800.
Keep an eye also on USDJPY at 111.65/70 as it’s been noted that there’s some hefty tech selling interest around there. We could have a decent pop if that blows.