To start the week off the EURUSD has consolidated in a narrow range. The pair spread its wings a bit in European trading but has only managed a 68 pip range. As long as the pair remains below the past support at 1.2735 ( .382 Fib) the path of least resistance is lower towards the 50 fib at 1.2602. The cross is currently riding a descending trend line lower. The TL is currently around 1.2650. A break of the resistance zone between 1.2735/50 would be needed to stop the downwards momentum.
Sup TL 1.2650 1.2602 ( 50 Fib)
Res 1.2735/50 1.2885
Keane Plan...Looking for either a break of the 1.235/50 res. zone or a bounce at the 50 fib at 1.2602.
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