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- EUR/USD Price Analysis: Bears eye a 61.8% Fibo target
EUR/USD Price Analysis: Bears eye a 61.8% Fibo target
- EUR/USD bears are moving in in the 50% mean reversion.
- A 61.8% Fibo ratio is eyed that has a confluence with the neckline of the W-formation.
EUR/USD is flat on the session so far as economic uncertainties from the Federal Reserve's tightening monetary policy and Russia's intervention in Ukraine keeps the US dollar underpinned. This is leaving a bearish prospect on the chats for the euro which is illustrated in the following chart.
EUR/USD daily chart
The price of the pair has reached a 50% mean reversion and is homing in on the 61.8% golden ratio that meets the neckline of the W-formation. This is near 1.1030. Should the price beak here, then the focus will be on the downside with prospects of a break of 1.10 the figure. However, should it hold, the price would be expected to move in on 1.12 the figure.
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