The EUR/USD is still not showing signs of improvement as the pair keeps trading in the descending downtrend channel. On the daily chart it could be seen that EUR/USD is slowly approaching the resistance upper line around 1.0990-1.0950. Currently, price is around 1.09 and a move to the upside is more probable as price has not surprised traders and investors and kept in the same direction for the past few days.
First level of support is 1.0770 as above that, EUR/USD is still trading in the range it's been stuck in for the last few days. Below that, an attempt to break last low of 1.07 can be expected. And if this level is broken, then price would most likely continue falling visiting lower levels as low as 1.03.
Chart: EUR/USD D1
Wide consolidation.
ReplyDeleteLet's see whether it will be able to break above 1.0950.
ReplyDeleteAs always, very detailed analysis.
ReplyDeleteNice bearish channel.
ReplyDeleteThe pair's gain seems limited around 1.0920.
ReplyDeleteVery interesting analysis.
ReplyDeleteGreat post! I fully agree with your view.
ReplyDeleteWell let's see if the support level will be broken this time or the pair will remain in the sideways range.
ReplyDelete