EUR/USD technical analysis: Support forming at the 61.8% golden ratio Fibonacci area

• EUR/USD is trading 0.09% lower today just under the 1.10 psychological support.
• Measuring the last impulse wave higher the price has now found some support at the 61.8 Fibonacci zone.

EUR/USD Daily Chart

EUR/USD has been on the decline over the last couple of sessions but has been under pressure since 4th November.

The 61.8% Fibonacci level holds just under the 1.10 psychological support at 1.0995.

It is not shown on the chart but if this is the start of a wave 1 and 2 Elliot wave move higher then the next Fibonacci level 76.4% is at 1.0950.

If both the support levels get taken out then the main support low will become the low on the chart of 1.0879.

From a candlestick perspective, yesterday's candle was a Doji. This shows significant indecision and the high stands at 1.1020.

If this gets taken out we could have a bullish scenario. 

Additional Levels