EUR/USD keeps testing the green support zone, yet the bears can’t muster enough strength to breakthrough. What are their chances of breaking below before Thanksgiving, or is another rebound more likely actually?
Although EUR/USD moved down a bit earlier today, the green support zone coupled with the 61.8% Fibonacci retracement continues to hold declines in check. Let’s recall our yesterday’s comments as they’re also valid today:
(…) EUR/USD has indeed tested the above-mentioned downside targets, triggering the interest and involvement of the bulls. As a result, the exchange rate has bounced, suggesting that a similar rebound to what we saw in mid-November could likely be ahead of us.
If that’s the case, the bulls could push the exchange rate to the lower border of the grey declining trend channel once again in the coming days.