Forex
EUR/USD Corrects Lower After Reaching Highs Near 1.1710
The EUR/USD currency pair is experiencing a correction after reaching highs near 1.1710, according to Action Forex.
On the 4-hour chart, the pair broke below a bullish trend line with support at 1.1655 and also fell below the 50% Fib retracement level of the upward move from the 1.1511 swing low to the 1.1710 high.
The price action also saw a break below the 100 simple moving average (red, 4-hour), with potential support levels at 1.1558 and 1.1520, which is accompanied by the 200 simple moving average (green, 4-hour).