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EUR/USD breaking down once more following Fed meeting
EUR/USD has turned lower from the 61.8% retracement level, as it looks set for another leg lower to conform with the wider long-term downtrend.
The ABC retracement seen throughout November thus far failed to break through the $1.1621 level, pointing towards a potential reversal downwards once more. That looks to be coming into play given the break below the $1.1353 swing low set earlier in the week. As such, further downside looks likely from here, with a break above $1.1621 required to negate the bearish outlook.
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