EURUSD Confused Below the .382 Fib

 

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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