[Pimpllus]

• EURUSD has held the trend resistance from the all time high (orange) and 76.4% Fibonacci retracement against the June 3rd high, both of which converged at 1.42

• The setup is not dissimilar to that seen in early April when the 76.4% Fibonacci retracement against the March 19th high resulted in a C wave from 1.3582 to 1.2885 in 13 sessions.

• A fall down to the support level at 1.3748 is expected in the short term.

• The 55 dma converges with this support level making it important.

• A breach of this would suggest further weakness still. A test of the 200 dma at 1.33+ cannot be written off.