Eur/Usd came lower and just held the 1.3880 support. Now there has been a correction from these lows, but the market has returned to lower levels and looks poised to come down for 1.3580 once more early in our session.
Sellers will be waiting for a break of this support to drive the market lower.. 1.3520/10 would be the short term objective. Here sellers will be looking to cover.. Buyers are not really going to appear unless we dip to the long term 61.8 fib level of 1.3485. Then you should see quite strong buying come back into the market looking to defend this long term fib. Only a break of 1.3440 would negate a correction off these lower levels.
Resistance remains at 1.3750/60. Sellers are likely to be waiting here and any bounce should be short lived and corrective, leaving sellers poised once more to take on the market and drive it lower.
