EUR/USD to accelerate its decline on a break below Fibonacci support level at 1.1742

The EUR/USD pair is down this Monday, nearing the 23.6% retracement of its July/August rally at 1.1742. Bears would eye a test of 1.1690 on a break below the mentioned support level, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The EU published the August Sentix Investor Confidence, which resulted at -13.4, beating the expected -15.2 and improving from the previous -18.2. As for the US, it will unveil the June JOLTS Job Openings, foreseen at 4.91M from 5.39M in the previous month.”

“In the 4-hour chart, the EUR/USD pair extends its decline below a now flat 20 SMA, while a bullish 100 SMA provides dynamic support at around 1.1690. Technical indicators, in the meantime, head firmly south within negative levels.”