EURUSD is trading around 1.0980. EURUSD continues to trade below key Fibonacci resistance and as long as this is happening, price will be vulnerable to a move towards 2022 lows.

EURUSD has made a bounce towards the 50% retracement but never got it. Price moved above the 38% Fibonacci level twice but bulls were not strong enough to hold price above it. The resistance at the 38% level has been confirmed twice. Bulls need to break above it otherwise they are in danger of seeing price fall towards 1.08. Key support as we mentioned in previous posts is found at 1.09. Bulls need to defend it.