EUR/USD Outlook: Final Bounce To Fibonacci Levels Before Resuming Downtrend
For EUR/USD, the sellers have been in complete control in the previous days but have found powerful support at the 1.15840 level.
The short term could provide an excellent bounce point that sends the price to the 1.16650 Fibonacci levels. After that, the price could then resume its downtrend.
The current macroeconomic statistics suggest a further decline in EUR/USD. According to published data, US GDP growth was 6.7% (the initial estimate was 6.6%). The GDP price index increased by 6.2% (6.1% earlier), and the base return on capital employed (RCE) – by 6.1%.
The data above shows the actual positions taken by traders in the short term. As suggested earlier, we could expect a bounce of the price to the Fibonacci price levels.