EURUSD facing bearish pressure, potential for more downside!

Price is consolidating and reacting below upper resistance of the descending price channel. Furthermore, Price is also holding below the 1st resistance at 1.13037 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension. Price may bearish from 1st resistance at 1.13037 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension to 1st support at 1.12291 in line with 127.2% Fibonacci retracement and 61.8% Fibonacci extension. In addition, our bearish bias is further supported by how Price is holding below the EMA, the Ichimoku cloud and MACD is holding below the 0 line. Otherwise Price may bullish towards 2nd resistance at 1.13606 in line with 78.6% Fibonacci retracement and 100% Fibonacci extension.

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