EUR/USD Price Analysis: Euro turns lower from the 23.6% Fib retracement

EUR/USD is currently trading near 1.1920, representing a 0.10% drop on the day, having nearly tested 1.1932 during the overnight trade. That level marks the 23.6% Fibonacci retracement of the pullback from 1.2349 to 1.1836.

The short-term bias remains bearish with the 5- and 10-day Simple Moving Averages trending south and the 14-day Relative Strength Index hovering in the bearish territory below 50. 

As such, a re-test of the recent low of 1.1836 cannot be ruled out.  A move above 1.1932 would shift the focus to 1.1991 – the 38.2% Fibonacci retracement of the sell-off from 1.2349. 

Hourly chart

Trend: Bearish

Technical levels